A rate and term refinance replaces your loan without taking cash out. People do it for a lower rate, a shorter term, or to leave FHA mortgage insurance behind when the numbers work.
If you have a VA loan, the IRRRL is often the simpler path. If you have an FHA loan, an FHA streamline can be the lighter file. We will tell you which door to open.
Self-employed borrowers can sometimes use bank statements or assets instead of tax returns alone. Those programs are priced on the wholesale side, and the rules are stricter. We will not pretend otherwise.
How it goes
01
Current loan, in plain numbers
Balance, rate, and what you want to change.
02
A first estimate
Payment change and a note about costs. Labeled as an estimate.
03
Wholesale pricing
We price the loan and walk you through the numbers on one application.
04
You decide
Proceed in the secure portal, or keep your current loan.
Estimate the monthly change
Principal and interest only. Your taxes and insurance stay outside this math.
Enter your numbers to see an estimate.
Questions we hear
Should I refinance for a small rate drop?
Sometimes no. If the costs eat the savings, we will say wait. The size of the drop is not the whole story.
Can I drop mortgage insurance?
Maybe, if the equity and the new loan support it. We look at that case by case. We will not promise it on this page.
What is an FHA streamline?
A refinance for an existing FHA loan with less paperwork, aimed at a better rate. It is the cousin of the VA IRRRL. Ask us if your current loan is FHA.
How long does a refinance take?
A streamline is often faster than a full file. Your timeline depends on the lender and the documents. We give you one after we see the file.
What do you charge?
On most loans the lender pays us. Any charge to you is in writing before you apply.
Rates change daily. Talk to a real lender, Mon-Fri, 9 AM-6 PM PT.
Reviewed by Roland Suncire, Founder and President, NMLS 1196184. Last updated October 2026. Reviews