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Refinance & equity

Rate-and-term refinance

The short answer A rate-and-term refinance replaces your current mortgage mainly to change the interest rate, the term or the loan structure, without taking out significant cash. A lower monthly payment can come partly from stretching repayment over more years. Compare fees, remaining term and total interest against how long you expect to keep the new loan.

Last reviewed: October 18, 2026 · General education, not a loan offer or approval. Availability and terms depend on the lender, the property and your file.

It may fit if

  • You want a lower rate, a different term or a different loan type.
  • You plan to keep the home long enough for savings to outweigh costs.
  • You want to move from an adjustable rate to a fixed rate, or shorten your term.

Tradeoffs to weigh

  • Closing costs can take years to recover through lower payments.
  • Restarting a longer term can raise total interest even with a lower rate.
  • Approval depends on current income, credit and home value.

What to have ready

  • Your current loan type, rate and remaining balance.
  • How many years are left on your loan.
  • Your goal: lower payment, shorter term or a different structure.
  • How long you expect to stay in the home.
  • How you're paid now.

Questions people ask

Should I refinance whenever the rate is lower?

Not automatically. Compare the costs with how long you expect to keep the new loan.

Can I refinance into a shorter term?

Potentially, if the payment and underwriting fit. A lower rate is not the only useful goal.

Your next step

Tell me what you're trying to do. I'll check which options fit your situation and walk you through the tradeoffs.

Start my applicationTalk to MarcusTry the refinance calculators

Related topics

Cash-out refinance Home-equity loan HELOC (home equity line of credit) Reverse mortgages See the loan programs All topics

Sources

Official program and consumer sources this page is based on. Lender rules can be stricter than these.

Marcus Wright
Who you'll work with

You work with me, start to finish.

Marcus Wright · Loan Officer, NMLS #2789841

Originates through Q Mortgage LLC, NMLS #2567464. Licensed in Texas.

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I aim to get back to you within a few working hours, often sooner.

Se habla español. Every page and form here works in Spanish.

How it works

  1. 1. Tell me your goalCall, book a time or send a note. No SSN and no credit check to start a conversation.
  2. 2. I compare your optionsI look at your income, property and plans, and explain the costs and tradeoffs of each route in plain language.
  3. 3. Apply when you're readyYou apply through a secure application. The lender's underwriting makes the final decision, and I keep you updated until closing.
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(682) 403-3406Tap to call Pick a timeBook a call on my calendar Weekend timeSat–Sun, 11 a.m.–7 p.m. Central. I confirm it personally. marcus@qmortgage.aiEmail me anytime

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I aim to get back to you within a few working hours, often sooner.

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