Rate-and-term refinancing is one of the most popular ways for homeowners to optimize their mortgage. It involves replacing your existing loan with a new one that has a lower interest rate, a shorter term, or both. This type of refinancing doesn’t involve taking cash out of your home equity, making it a straightforward way to reduce costs or adjust your repayment plan.
If you’re looking to improve your financial future, rate-and-term refinancing is a smart, practical choice. Here’s why:
Refinancing to a lower interest rate can significantly reduce your monthly mortgage payment, giving you extra cash flow for other priorities.
Want to own your home outright sooner? Switching to a shorter loan term—like moving from a 30-year to a 15-year mortgage—can save you thousands in interest over the life of the loan.
If you currently have an adjustable-rate mortgage (ARM), refinancing to a fixed-rate loan provides stability and protects you from future rate hikes.
Rate-and-term refinancing can help streamline your financial obligations, making it easier to budget and plan for the future.
We tailor refinancing options to fit your unique goals, whether it’s reducing payments, shortening loan terms, or stabilizing your rate.
No hidden fees or surprises—just clear, straightforward terms designed to benefit you.
Our team simplifies the process, breaking down every step so you feel confident and informed.
Refinancing shouldn’t be stressful. We streamline everything, so you can focus on what matters most.
Rate-and-term refinancing is simple with the right guidance. Here’s how it works:
Are you looking to lower payments, reduce loan terms, or lock in a better rate? Define your objectives upfront.
Lenders consider factors like credit score, income, and your home’s equity when determining eligibility for refinancing.
Shop around for the best rates and terms that align with your financial goals. We can help at Revamp Your Rate by matching you with the lender best equipped to work with your situation.
Submit your application, lock in your rate, and let the lender handle the paperwork.
Sign the necessary documents and start saving with your new mortgage terms.
We get it—rate-and-term refinancing can seem like a big decision, especially with all the options and numbers to consider. That’s why we’ve rounded up the most common questions homeowners ask and made the answers simple and straightforward. Whether you’re looking to lower your payments, shorten your loan term, or lock in a better rate, we’re here to help you make sense of it all.
Savings vary based on your loan amount, current interest rate, and the new terms. Many homeowners save hundreds per month or thousands over the life of their loan.
Yes! Refinancing can still save you money if you lock in a lower rate or reduce your loan term, even if you’re several years into your mortgage.
Closing costs typically range from 2-5% of the loan amount. However, these costs are often recouped through monthly savings over time.
Yes! While better credit scores secure lower rates, there are still options available for homeowners with less-than-perfect credit.
