Align your mortgage with your next chapter.
Explore whether changing your rate, repayment term, or loan structure supports your goals.
Explore My Refinance Options →Tell us about your current loan and what you want to change.
A new mortgage for the loan you already have.
A rate-and-term refinance replaces your existing mortgage to change the rate, repayment term or loan structure. Its main purpose is to adjust your financing rather than take cash out of your home.
We compare the new payment, closing costs and total repayment with your current loan. A lower payment does not always mean a lower overall cost, especially if you restart or extend the term.
A thoughtful review of the loan you already have.
A rate-and-term refinance may change your interest rate, repayment period, or other financing terms. The right choice depends on costs, your plans, and the full payment picture.
Start a conversation if you want to:
- Compare your current mortgage with available alternatives.
- Explore a shorter or different repayment term.
- Review an adjustable-rate or fixed-rate structure.
- Understand eligible conventional or government-backed refinance paths.
Rate-and-Term Refinance Highlights
- Loan amount
- Depends on the selected program, property value and applicable loan limits. We’ll confirm the available amount after reviewing your current mortgage and property.
- Credit score
- Requirements vary by program. Conventional loans require automated underwriting approval and applicable credit requirements. Government, Jumbo and alternative-documentation options have separate rules.
- Down payment / equity
- A new down payment generally is not required, but equity or a cash contribution may be needed. Selected conventional primary-home refinances allow up to 97% loan-to-value when specific requirements are met. Streamline paths have different rules.
- Occupancy
- Primary residence, second home / vacation home, or investment / rental property, subject to program and transaction requirements.
- Property types
- Eligible single-family homes, 2–4 unit properties and qualifying condos. Manufactured-home options and property requirements vary by program.
- Loan purposes
- Replace an existing mortgage to change its rate, term or structure. Cash-out refinancing is a separate option.
- Rate structure
- Fixed-rate and selected ARM options, depending on the program and refinance path.
- Interest-only
- Available on selected Jumbo or alternative-documentation options, not on every refinance program.
- Amortization / repayment
- Selected conventional fixed-rate terms include 10, 15, 20, 25 and 30 years. Selected Jumbo and alternative-documentation options include 30- and 40-year structures. Streamline programs have their own term limits.
- LLC closing
- Not available on conventional loans. Ownership requirements for other programs need separate review.
- Mortgage insurance / reserves
- Mortgage insurance, guarantee or funding fees and required reserves depend on the program. Refinancing does not automatically remove mortgage insurance.
- Available states
- Michigan, Florida and California, subject to program and property eligibility.
Highlights summarize different programs and may not be available together. Costs, underwriting, existing liens, and program requirements apply. ARM rates and payments can change. Interest-only payments do not reduce principal; payments increase when amortization begins. Refinancing may increase the total finance charges paid over the life of the loan.
Does your current loan offer a streamlined option?
| Path | What to know |
|---|---|
| Standard refinance | A new review of your income, credit, debts and property. Available documentation and appraisal options depend on the program. |
| FHA Streamline | For an eligible existing FHA-insured loan. Reduced documentation and no new appraisal on eligible paths; payment history, timing and borrower-benefit rules still apply. Closing costs cannot be added to the new mortgage. |
| VA IRRRL | For an eligible existing VA-backed loan. May reduce the rate or move an ARM to a fixed rate. Prior occupancy, payment history, timing and benefit requirements apply; eligible costs may be financed. |
Streamlined does not mean automatic approval or no closing costs. The available path depends on your existing loan and the selected program.
Match the refinance to your existing loan.
Conventional and Jumbo
Compare eligible terms, occupancy, income documentation, and lender requirements.
Explore Conventional →USDA and other paths
Review an eligible existing USDA loan or alternative income-documentation approach.
USDA → Bank Statement →What would you like to change?
Review your payment
Compare available rates and the full monthly payment with your current mortgage.
Change your term
Explore paying off the loan sooner or changing the repayment period.
Move to a fixed rate
Compare a predictable principal-and-interest payment with your existing adjustable rate.
Compare the full cost, not just the rate.
- Current balance, rate, remaining term, and payment components.
- Closing costs, financed fees, and expected time in the loan.
- Property value, occupancy, and any second liens.
- Income, credit, and program-specific refinance requirements.
Available States
Explore refinance options through PMF in California, Florida, and Michigan.
Eligibility varies by lender, transaction, property, and loan program.
Rate-and-Term Refinance FAQs
What is a rate-and-term refinance?
It replaces an existing mortgage with a new loan to change financing terms, rather than primarily to withdraw equity. Depending on the program, eligible closing costs and certain existing liens may be included.
Does refinancing always lower my payment?
No. The payment depends on the new rate, balance, term, mortgage insurance, taxes, insurance, and other charges.
Can I shorten or lengthen my repayment term?
Selected programs offer different repayment terms. Shortening the term may increase the payment; extending it may reduce the payment but increase total interest over time.
How is this different from cash-out refinancing?
Rate-and-term financing has limits on cash returned to you and on which debts can be paid off. Taking equity out or paying ineligible debts may make the transaction cash-out, even if little or no cash reaches your bank account.
Can closing costs be included in the new loan?
Often, if the selected program and available equity allow it. FHA Streamline is different: its closing costs cannot be added to the new mortgage. Financed costs increase your balance and interest expense. Ask us to compare your options.
Can I include a second mortgage or HELOC?
Possibly. The original purpose, age, and draw history of the second lien can affect whether its payoff qualifies as rate-and-term or cash-out.
What credit score and equity do I need?
Requirements vary by loan type, occupancy, property, documentation, and underwriting. Conventional AUS findings, mortgage-insurance conditions, and other program-specific score or financing limits apply.
Will I need an appraisal?
It depends on the program. Some refinances qualify for an appraisal waiver or a path without a new appraisal; others require one. We’ll confirm after reviewing your loan.
Can I refinance a second home or investment property?
Selected conventional, Jumbo, and alternative-documentation programs support eligible second homes or investment properties, with different limits. Government-backed refinance paths have their own occupancy and existing-loan requirements.
What are FHA Streamline and VA IRRRL options?
They are refinance paths for eligible existing FHA or VA loans, with reduced documentation on eligible scenarios. Payment history, timing and borrower-benefit rules still apply. Contact us to see which path fits.
Can I refinance a USDA loan?
An eligible existing USDA loan may have a refinance option, depending on the available program. Cash-out is not part of the USDA refinance paths described here. Ask us to check your current loan.
How do I decide whether the refinance is worth it?
Compare the costs, payment difference, repayment term and how long you expect to keep the loan. We can help review your break-even point and the longer-term cost.
What happens after I submit my scenario?
A licensed PMF loan officer will review your scenario and discuss possible options. An inquiry is not approval.
What would you like your mortgage to do differently?
Let's compare your current loan with potential options.
Explore My Refinance Options →Program availability and terms depend on your complete scenario and underwriting. This is not a commitment to lend. An inquiry is not an approval.