Rate-and-Term Refinance

A rate-and-term refinance replaces an existing mortgage with a new loan to change its interest rate, term or structure. A lower monthly payment does not necessarily mean a lower total borrowing cost.

Compare closing costs, remaining term, total interest and the time needed to recover upfront costs. Extending repayment can increase total interest even when the payment falls.

Review your specific options

Availability depends on credit, income or eligible cash flow, assets, property, location and current program requirements. This information is educational and is not an approval, rate quote or commitment to lend.