Rate-and-Term Refinance
A rate-and-term refinance lets homeowners in California and Georgia replace their current mortgage with a new one to lower the rate, change the term, or stabilize the payment.
This page explains when a rate-and-term refinance makes sense and how it compares to a Cash-Out Refinance or HELOC.
What Is a Rate-and-Term Refinance?
You’re changing your interest rate, your loan term, or both—without pulling cash out from your equity.
- Lower your interest rate (when available)
- Switch from an ARM to a fixed-rate loan
- Shorten your term to pay off the home faster
- Extend your term to reduce your monthly payment
Who Is a Rate-and-Term Refi Best For?
It may be a good fit if you:
- Plan to keep your home for several years
- Want a more predictable payment
- Don’t need extra cash from your equity
If you want to access equity for projects or debt consolidation, review the Cash-Out Refinance page.
California & Georgia Focus
As a broker in California and Georgia, I frequently help homeowners with rate-and-term refinances in:
- California: Oceanside, North County San Diego, Riverside County, San Bernardino County
- Georgia: Metro Atlanta and surrounding suburbs
For local details, visit Local Mortgage Programs.
Next Steps: See If a Rate-and-Term Refi Pays Off
We’ll compare your current payment to a proposed new payment and calculate your break-even timeline. For more on break-even math, see the Refinance Break-Even Guide.