Why refinance now?
Market rates fluctuate daily. If you purchased your home when rates were peaking (e.g., 2023-2024), or if your credit score has improved significantly since you bought your home, you are likely overpaying for your loan.
Our "Rate & Term" refinance is designed purely to save you money on interest and monthly cash flow, often with little to no out-of-pocket costs.
Benefits of Lowering Your Rate
Increase Cash Flow
Free up hundreds of dollars every month for savings, investments, or lifestyle.
Save on Interest
Lowering your rate by just 1% can save you over $100,000 in interest over the life of a loan.
Build Equity Faster
With a lower rate, more of your monthly payment goes toward principal.
Fixed Security
Switch from an Adjustable Rate Mortgage (ARM) to a stable 30-Year Fixed loan.
The Savings Math: Rate & Term
Current Loan ($600k)
- Rate: 7.25%
- Term Remaining: 28 Years
- P&I Payment: $4,093
New Loan ($600k)
- Rate: 5.99%
- Term: 30 Years
- P&I Payment: $3,593
- Monthly Savings: $500
*Example for illustrative purposes. Actual rates vary by credit score and market conditions.
Common Questions
How much are closing costs?
Closing costs typically range from 1-2% of the loan amount. However, we can often structure a "No-Point, No-Fee" loan where the lender offers a slightly higher rate in exchange for covering your closing costs.
What is the Break-Even Point?
This is the time it takes for your monthly savings to cover the cost of the refinance. For example, if a refinance costs $3,000 and saves you $300/month, your break-even point is 10 months. We generally recommend refinancing if you plan to stay in the home longer than your break-even period.
Do I need an appraisal?
Not always. Many Rate & Term refinances qualify for an "Appraisal Waiver" (PIW) from Fannie Mae or Freddie Mac, saving you time and ~$600.
