Replace your current mortgage with a new one at a different rate or term — without taking cash out.
Overview
A rate-and-term refinance pays off your existing mortgage and replaces it with a new loan that has different terms — typically a lower interest rate, a different loan term, or both. You don't take cash out at closing; the goal is to improve the structure of your existing financing.
Common reasons to refinance include lowering your monthly payment, shortening your loan term to pay off your home faster, switching from an ARM to a fixed rate, or removing mortgage insurance once you have enough equity.
Who it's for
What's typically reviewed
This is a general description, not a guarantee of approval. Specific requirements vary by lender and program. Final qualification is determined during underwriting.
Browse more programs