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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.

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

We were looking for a house and we need a loan advisor. Mclean was recommended by our realtor and he is so great! He was very helpful. We are so glad that we found him! He was able to help us find a great interest rate. If ever we need some help in the future in getting another house or refinancing we will consider contacting him again. Great guy and cery helpful!

Angeli T.

Verified Customer
5.0

I can’t recommend Erick Martínez highly enough. He accomplished what many thought would be very difficult by successfully completing my residential refinance in just two weeks. From start to finish, Erick was knowledgeable, responsive, organized, and always available to answer my questions. He kept me informed throughout the entire process, making everything smooth and stress-free. His professionalism, dedication, efficiency, and commitment to his clients truly exceeded my expectations. If you’re looking for a loan officer who works hard, delivers results, and makes the refinancing process as easy as possible, Erick is the person to call. Thank you, Erick, for making this happen so quickly. I truly appreciate all your hard work and would highly recommend you to anyone looking for a mortgage or residential refinance! Jeny and Carlos Cardenas .

Jennifer A.

Verified Customer
5.0

Doug and his team are top notch. Prompt responses to phone calls, texts or email. Great communication and easy to understand explanations during the process of refi, as well as finding us a decent rate and low closing costs.

Cynthia H.

Verified Customer
5.0

If you're getting a home loan or refinancing, you want Brian. He's easy to work with but pushes hard to get the best rates and minimize the paperwork hassle of navigating underwriting. After 4 loans with Brian, I can't imagine using anyone else.

Ryan F.

Verified Customer
5.0

Erik has been very kind and patient with me throughout the stressful process of searching for and financing my new home. He is always available if I need to ask a question and always answered all my questions quickly and elaborately. I will definitely use Erik's outstanding services for my next purchase or refinancing.

Kristina V.

Verified Customer
5.0

From beginning to end, Sean was a great partner with us. He spent time before we were ever a customer helping us understand the various borrowing options we had so we could understand what our flexibility would do for us. Then when we were engaged on an actual house, he helped us apply our options creatively, even walking us through one option where the money could come from a non-traditional path which would result in Lower Mortgage not even having a part to play. When someone is willing to help you, and NOT make money, that's a level of support one rarely sees. In the end, we used a traditional loan for the property we purchased, and he found us a really great rate (not trivial considering some of the aspects of the home). We'll end up doing a major refinance in 1-2 years after a deep remodel is complete and we've sold our other property, and we absolutely will work with Sean and the team again for that "final" loan.

Mark E.

Verified Customer
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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.

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.

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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.)

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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