Traditional Refinance
Replace your current mortgage with a new one to lower your interest rate, change your loan term, or remove mortgage insurance.
Check Traditional Refinance RatesWhat is a Traditional Refinance?
Also known as a "Rate-and-Term Refinance," this process replaces your existing mortgage with a new one for the same remaining balance, but with a different interest rate or loan term length.
The primary goal is usually to save money by securing a lower interest rate, reducing the monthly payment, or switching from a 30-year to a 15-year term to pay off the home faster.
Who is this for?
Homeowners whose current rate is higher than market rates, or those looking to switch from an ARM to a fixed-rate loan.
Pros
- Can significantly lower monthly payments
- Can save tens of thousands in interest over the loan life
- Can help remove private mortgage insurance (PMI) if equity > 20%
- Can shorten the time to pay off the home
Cons
- Requires paying closing costs (2-5% of loan amount)
- Extending the term can mean paying more total interest
- Requires going through the appraisal and underwriting process again
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