Rate-and-term refinance.Only if it’s better for you.

A rate-and-term refinance replaces your current mortgage with a new one to change the interest rate, the loan term, or both. Homeowners use it to lower a payment, pay off sooner with a 15- or 20-year term, switch from an adjustable to a fixed rate, or remove FHA or private mortgage insurance.

Refinancing has closing costs, so the key question is the break-even: how many months of savings it takes to recover those costs. Mike runs that number before anything is ordered—and if keeping your current loan is the better move, he’ll tell you.