Loan programs
Rate-and-term refinance
A rate-and-term refinance changes the loan without taking cash out: a lower rate, a shorter or longer term, an adjustable rate traded for a fixed one, or FHA mortgage insurance left behind.
Who it fits
- Owners whose rate is above today's
- Shortening the term to pay off sooner
- Dropping FHA mortgage insurance
What to know
- The test is simple: how many months until the savings repay the cost of the refinance, and will you keep the loan that long?
- Streamline programs (FHA streamline, VA IRRRL) cut paperwork for government loans.
- Lowering a payment and paying a loan off faster are different goals and lead to different loans.
What you'll need
- Your current mortgage statement
- Income documentation
- Homeowner's insurance details
Questions
Refinance questions
When is a refinance worth it?
When the monthly savings repay the closing costs well before you expect to sell or refinance again. We will show you that break-even month in writing.
Get started
Talk through a refinance
A few details and Lucas will come back with real options and real numbers, usually the same business day.
- No cost and no obligation
- Answered by Lucas, not a call center
- Your information is never sold