What a rate-and-term refinance can do
- Lower your monthly payment by changing your rate or extending your term.
- Pay off your home faster by moving to a shorter term, like a 15- or 20-year loan.
- Switch from adjustable to fixed for a steady, predictable payment.
- Remove a co-borrower from the loan after a life change, when you qualify on your own.
- Drop mortgage insurance in some cases, if your home has gained value.
Is it worth it? Here's how we decide together
We look at:
- Your break-even point. How many months it takes for your monthly savings to cover your closing costs.
- How long you plan to stay. If you'll move before you break even, refinancing may not pay off.
- The total interest picture. A lower payment over a longer term can mean paying more interest overall. We'll show you both sides.
We'll lay out your current loan next to your new options so the decision is easy to see.
Refinancing an FHA or VA loan?
Government loans often have streamlined refinance options with less paperwork. See FHA Loans and VA Loans.
What to have ready
- Your most recent mortgage statement
- Proof of income and assets
- Homeowners insurance information
Where this is available
Rate-and-term refinancing is available for homes you live in and investment properties in California, Arizona, Colorado, Florida, and Texas.
Program availability can vary by state and property. Contact us to confirm options for your home.
Frequently asked questions
Do I need an appraisal?
Usually, yes, though some streamline programs may not require one.
Are there closing costs?
Yes. We'll show you every cost up front and help you see how long it takes to make them back.
Can I roll closing costs into the loan?
In many cases, yes. We'll explain how that affects your loan amount and payment.
Should I pick a fixed or adjustable rate?
It depends on how long you plan to keep the loan. We'll walk you through both.