A rate-and-term refinance replaces your current loan to change the rate, the term, or the loan type.
A good fit for
- Lowering your monthly payment
- Paying off the home faster
- Dropping mortgage insurance
- Moving from an ARM to a fixed rate
How it works
- You apply much like a purchase, with an appraisal in most cases
- Closing costs can often be rolled into the new loan
Keep in mind
- Compare total savings with closing costs and how long you'll stay
Is a Mortgage Refinance right for you?
Every lender's guidelines differ — Chip will shop them for you.
Related loan options
This page is general education, not a loan offer or commitment. Terms, eligibility and availability vary by lender and change over time.