What is a rate and term refinance and who is it for?
A rate and term refinance replaces an existing mortgage with a new loan to change the interest rate, the loan term, or both, without taking cash out at closing. Mortgage Go originates rate and term refinances through licensed loan officers in the states where each officer is individually licensed.
Who it's for
Homeowners who want a lower monthly payment, a shorter payoff, or to move out of an adjustable structure into a fixed rate.
Who it's not for
Homeowners who need to pull equity out of the home — see Cash-Out Refinance instead.
Benefits
- Potentially lower monthly payment when rates improve.
- Shorten or extend the loan term to fit your plan.
- Move from an ARM into a fixed-rate loan.
- No cash taken out at closing.
Key facts
- Loan purpose
- Refinance — no cash out
- Minimum credit score
- Placeholder — pending compliance
- Loan term
- 10 / 15 / 20 / 30 years
- Property eligibility
- Primary, second home, investment
Calculator
Rate & Term Refinance calculator embeds here in Phase 2.
Frequently asked questions
What is a rate and term refinance?+
A rate and term refinance replaces your existing mortgage with a new loan that has a different interest rate, term, or both. No equity is taken out as cash at closing.
When does refinancing make sense?+
Refinancing can make sense when current rates are meaningfully lower than your existing rate, when you want to change your term, or when you want to move from an ARM to a fixed-rate loan. A licensed loan officer can run the break-even math for your specific scenario.