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Rate/Term Refinance

Refinance to pay less per month or less over time.

With competitive refinance mortgage rates, Lower makes it easy to find the perfect option to save money and pay off your home faster.

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No-impact credit check. No commitment.
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Rate/Term Refinance Benefits

Maximize savings with a rate/term refinance.

Refinancing to a lower rate or shorter term can save you thousands over time. Take control of your mortgage with options that fit your financial goals.

Lower your interest rate and save
Reduce your monthly payments
Pay off your mortgage sooner
Build equity faster
Lock in stable, predictable payments

Trusted by homeowners nationwide for smart refinancing.

5.0

Stacey is a pleasure to work with. She kept me up to date and on track for my refiannce.

Joe C.

Verified Customer

August 5, 2026

5.0

Tyler was great to work with throughout the entire process. He was very responsive, knowledgeable, and always took the time to answer my questions and keep me updated. The whole refinance process was smooth and straightforward. I really appreci…ate his help and would definitely recommend him. Thank you, Tyler!

Fouad Z.

Verified Customer

August 24, 2026

5.0

Very kind and straight forward. Kept up communication and let us know everything we needed. Highly recommend and would go through her again if we ever need to refinance again.

Charles E.

Verified Customer

September 25, 2026

5.0

Rick has helped us so much throughout the home buyer process. He is knowledgeable and helpful with various options. I would definitely recommend using his services if you are in the market for buying or refinanc…ing!

Ronald D.

Verified Customer

July 31, 2026

5.0

I have worked with Ms. Bergen for the last 24 years, from buy a home to refinancing . She is wonderful, knowledgeable and has always been about our best interest. Will be looking forward to working with her again …on our retirement home. Thank you again!

David D.

Verified Customer

September 1, 2026

5.0

Katie was wonderful to work with on this refinance she is on top of everything. Refinancing can be difficult but her commitment to making sure my experience went smoothly and with out a hiccup was great. I will use he…r again in the future for sure .

Gregory M.

Verified Customer

September 1, 2026

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Why refinance with Lower?

Enjoy a simple, hassle-free application, competitive rates, and personalized support every step of the way. Join thousands who trust Lower—a verified top lender—for their refinancing needs.

Apply for a rate/term refinance
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Enjoy Free Refi for Life* with Lower

Refinance once with Lower, and we cover your future lending fees, helping you save every time you refinance—at no extra cost.

Refinance with confidence
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No credit check until you’re ready to refinance.

Your credit is important, so we don't do a hard pull until you're absolutely ready. (And we'll always ask for permission when we do.)

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Frequently Ask Questions

You’ve got rate/term refinancing questions.
We’ve got answers.

A rate-term refinance is a straightforward type of refinance that replaces your current mortgage with a new one. It’s commonly used to lower your interest rate, change your loan term, or both. Unlike a cash-out refinance, a rate-term refinance is focused on improving the structure of your mortgage rather than pulling equity out of your home.

Homeowners often choose a rate-term refinance to reduce their monthly principal and interest payment, pay off their loan faster, or save money on interest over the life of the loan. For example, you might refinance into a lower rate to improve affordability, or switch from a 30-year loan to a shorter term if your goal is to build equity faster and reduce total interest costs.

What’s the difference between a rate/term and a cash-out refinance?

A rate/term refinance is designed to help you lower your interest rate, shorten your loan term, or both, without taking out extra cash. This type of refinance is ideal for reducing monthly payments or saving on interest over the life of your loan.‍
A cash-out refinance, on the other hand, allows you to access a portion of your home’s equity by taking out a larger loan than your current mortgage balance. You receive the difference in cash, which you can use for renovations, debt consolidation, or other expenses. While a cash-out refinance can be beneficial if you need funds, it often comes with a slightly higher interest rate compared to a rate/term refinance.

What’s the difference between 15-year and 30-year refinance rates?

Typically, 15-year refinance rates are lower than 30-year rates, allowing you to pay less interest over the life of the loan. However, 15-year terms come with higher monthly payments, which might impact your budget. A 30-year refinance offers lower monthly payments, though the total interest paid over time will be higher. Your choice depends on whether you’re looking for monthly savings or want to build equity faster.

What are the best refinance rates available today?

The best refinance rates depend on factors like your credit score, loan-to-value ratio, and current market conditions. Rates also vary between 15-year and 30-year terms, with shorter terms generally offering lower rates. Contact us to get today’s most competitive rates tailored to your profile and refinancing goals.

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