Rate and term refinance
Replacing your mortgage to change the rate, the term or the loan type.
A rate and term refinance replaces your existing mortgage with a new one, usually to change the interest rate, the loan term, or the loan type.
It is worth comparing the long-term cost, not only the new monthly payment.
Good to know
- Refinancing has closing costs. How long you expect to keep the loan affects whether it makes sense.
- A shorter term usually raises the monthly payment while lowering total interest.
- Moving from an adjustable rate to a fixed rate is another common reason to refinance.
Questions to bring to Sapan
- What would refinancing cost, and how long until it pays back?
- Should I keep my current term or change it?
- What will I need to provide?
Program availability, terms and eligibility are confirmed with Sapan against current Secure Choice Lending guidelines and the states where he is licensed.