A rate and term refinance replaces your current mortgage with a new one to lower your rate, reduce your payment, shorten your term or switch from an adjustable to a fixed rate, without taking cash out.
In a rate and term refinance, the new loan pays off your existing mortgage and closing costs. You are not taking out extra cash; you are changing the loan's rate, length or structure. Many of our longtime clients have refinanced with us more than once as rates changed.
Take advantage of lower market rates.
Move to a 15 or 20-year loan, or reset to 30.
Switch from an ARM to a fixed rate.
Refinance out of FHA MIP once you have equity.
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Divide your closing costs by your monthly savings to see how many months it takes to recover the cost. If you plan to stay longer than that, the refinance is usually worthwhile.
Divide your total closing costs by your monthly savings to find the break-even point. If you plan to stay past that point, the refinance usually makes sense. We will run the numbers before you commit.
Back to topicsRefinancing works much like a purchase: application, documentation, appraisal, underwriting and closing. We will even fill out the application for you.
Back to topicsFHA and VA borrowers may qualify for streamline refinances with less paperwork and, often, no appraisal.
FHA and VA borrowers may qualify for streamline refinances with reduced paperwork and, in many cases, no appraisal.
Back to topicsTell us about your goals. A loan officer will confirm whether this program is the right fit.
We fill out the application with you and send a secure list of documents to upload.
We handle appraisal, underwriting and title, keeping you updated by phone, text or email.
Every file is different. Your loan officer will send an exact list.
Have a question that is not answered here? Ask a loan officer.
Many conventional loans can be refinanced right away; some programs have short waiting periods.
There is a small, temporary dip from the credit inquiry.
Timing can shift your first payment, but interest is still owed.
Usually, though streamline options and appraisal waivers are sometimes available.
Often yes, if you have enough equity, or you can choose a slightly higher rate with a lender credit.
Talk to a loan officer
Tell us a little about your plans. A licensed loan officer will call you, usually the same business day.
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