A rate-and-term refinance replaces your current mortgage with a new loan that adjusts your rate, your term, or both — without pulling equity out as cash. Mortgage refinance activity has been trending upward, with the Mortgage Bankers Association reporting its Refinance Index up roughly 9% compared to a year ago as of mid-2026. A common guideline: your new rate should be at least 0.75 points lower than your current rate before refinancing costs are likely worth it.
If rates have dropped meaningfully since you closed, refinancing can lower your monthly payment for the rest of your term.
Move from a 30-year to a 15 or 20-year term to pay off your home faster and reduce total interest paid.
Move from an ARM to a fixed rate to lock in payment stability before an adjustment period begins.
If your home has appreciated, refinancing may allow you to remove PMI once you've built sufficient equity.
We calculate your new payment, closing costs, and break-even timeline before you commit to anything.
We confirm whether a rate-and-term refinance, or a different structure, best fits your goal.
Your new loan is underwritten and the home is appraised to confirm current value.
Your existing mortgage is paid off and replaced with your new rate and term — no cash disbursed.
If your goal includes pulling cash out for debt consolidation, investment, or renovation, cash-out refinance may fit better.
Compare Cash-Out Refinance →Private consultation with Kelly or Ray Nadeau. We'll calculate your break-even point before you commit to anything — no obligation.
📞 321-321-9455 · Kelly Nadeau NMLS #1027618 · Ray Nadeau NMLS #1027617