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Rate-and-Term Refinancing
Refinance to change your rate, term, or both — without taking cash out.
Who this program may help
Homeowners looking to adjust their interest rate, loan term, or monthly payment without accessing equity.
Common benefits
- May lower your interest rate or monthly payment
- Can shorten or extend your loan term
- Can switch between fixed and adjustable options
- No cash-out keeps the focus on the loan structure
General eligibility considerations
- Credit and income qualification required
- Sufficient equity generally required
- Closing costs apply
Common borrower questions
Will refinancing always lower my payment?
Not always. The outcome depends on your current rate, the new rate, term, and costs. A review can help you decide.
What does it cost to refinance?
Refinancing involves closing costs, which can sometimes be rolled into the loan depending on the program.
Program availability and terms vary. The only way to know which options fit your situation is to start your qualification.
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