Loan program

Rate-and-term refinance

Replace your current loan with a new rate, a new term, or both, without taking cash out.

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See illustrative rates

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Typical terms

15, 20 or 30 years, fixed or adjustable. The new loan pays off the old loan. Closing costs apply.

Example minimum down payment

20% equity in your home in this example.

Who it is for

Homeowners who want to change the rate or term of their loan, switch from an adjustable rate to a fixed rate, or shorten the term.

Pros

Can change your rate, your term or your loan type. May lower or raise your monthly payment, depending on the new terms. A way to move from an adjustable rate to a fixed rate.

Considerations

Closing costs apply and can take time to earn back. Restarting a 30-year term can increase total interest even if the monthly payment falls. A refinance does not always make sense.

About this program

A rate-and-term refinance replaces your current mortgage with a new one. You keep the same home and borrow about the same amount, but change the rate, the term, or both.

Whether it makes sense depends on your current loan, the costs to close and how long you plan to stay. A lower rate can reduce the payment, and a shorter term can reduce total interest. A new loan can also cost more over time, so compare the whole picture.

Our Refinance page lists the questions to ask first. All figures are illustrative and are not a rate quote or an offer to lend.

Try it with this program

Home price

Down payment

$90,000 down

Term

Illustrative interest rate

For a $360,000 loan, about $2,187 a month in principal and interest.

Principal and interest: $2,187
Estimated taxes and insurance: $500
Total estimated monthly payment: $2,687
Loan amount: $360,000

Estimates only. Rates and figures are illustrative, not a rate quote, loan offer or commitment to lend.

Start pre-approval

Carries your price, down payment and term into the application.

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