Lower Your Rate Today
Rate & Term Refinance
Learn how changing your interest rate, loan term, or both could affect your mortgage payment and long-term costs — without taking cash out.
Why Homeowners Explore Rate & Term Refinance
Lower Monthly Payment
A lower interest rate or longer loan term may change your monthly payment, depending on the full refinance scenario.
Pay Off Faster
A shorter loan term may help some homeowners build equity more quickly, while often changing the monthly payment.
Consider a Fixed Rate
Moving from an adjustable-rate mortgage to a fixed rate may provide a more predictable payment structure.
Review Total Interest
A different rate or term can change the total interest paid over the life of the mortgage.
When It May Make Sense to Refinance
- Current rates may be meaningfully lower than your existing rate
- You may stay in the home long enough to account for refinance costs
- Your credit history may have improved since the original mortgage
- You may be able to remove private mortgage insurance (PMI)
- You want to consider moving from an ARM to a fixed-rate mortgage
Common Considerations
- Credit history can affect the options and terms that may be available
- Available equity in the property is typically reviewed
- Income and employment history are commonly considered
- Debt-to-income ratio is commonly reviewed
- Homeowners nationwide can request general information about refinance topics and possible next steps.
Explore Your Refinance Options
Use the calculator to explore scenarios or request more information about available next steps.