Rate and Term Refinance
A Complete Guide for your Rate and Term Refinance Loan.
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Rate & Term Refinance Facts:
- If the current mortgage rates are 0.375% to 0.75% LOWER than your mortgage rate, it may benefit you significantly by refinancing at a lower rate.
- You can apply your savings to your principal balance and pay off your mortgage sooner OR put the money back to your pocket.
- Some loan types such as FHA and VA offer streamline refinance programs where there is no cost involved to do a refinance.
- You can keep your term as it is or lower it to be mortgage free sooner.
Mortgage Rates on 11.20.2025
Conventional Loans
Rates for Primary Home Purchase
6.250%
(6.36% APR)
5.75%
(5.85% APR)
FHA & VA Loans
Rates for Primary Home Purchase
5.625%
(5.99% APR)
5.625%
(6.00% APR)
Rates, terms, and fees as of 11/20/2025 and subject to change without notice. Select a product to view important disclosures, payments, assumptions, and APR information. Please note we offer additional home loan options not displayed here. Rates for Primary Home Purchase.
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FAQs
A rate and term refinance is a type of mortgage refinance where the borrower seeks to change the interest rate or the term (duration) of their existing mortgage without taking out additional funds.
Borrowers may consider a rate and term refinance to take advantage of lower interest rates, reduce their monthly mortgage payments, or shorten or lengthen the loan term based on their financial goals.
In a rate and term refinance, the borrower only modifies the interest rate or term without taking out any additional cash. In contrast, a cash-out refinance allows borrowers to take out a new mortgage that is larger than their existing one, and receive the difference in cash.
It's often considered when interest rates are lower than the rate on the existing mortgage, allowing borrowers to save on interest costs over the life of the loan.
Lowering monthly mortgage payments, saving money on interest over the life of the loan, and adjusting the loan term to meet specific financial goals are some potential benefits.
Yes, there are closing costs associated with refinancing, including application fees, appraisal fees, title insurance, and other miscellaneous fees. It's important to consider these costs when evaluating the benefits of a refinance.
Yes, an improved credit score may make you eligible for better interest rates and terms when refinancing.
The timeframe can vary, but it usually takes a few weeks. The process involves application, appraisal, underwriting, and closing. Call Toll Free # 1-877.466.1211 to get started!
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