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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.

🏡 Apply in 3 minutes >
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

Having worked alongside Angel Ramos, I can say firsthand that his reputation as an elite sales professional is built on one thing: exceptional client care. In an industry like mortgage lending where trust, timing, and clear communication make a…ll the difference, Angel has always stood out as a top producer whose business was driven by word-of-mouth and repeat referrals. ​He never approaches sales as a one-time transaction; he treats every client interaction as a long-term partnership. He takes the time to listen, demystify complex financial details, and advocate relentlessly for the best possible outcome. Anyone navigating the loan process—whether purchasing their first home or refinancing—is in remarkably capable, honest hands with Angel. I recommend him without hesitation to any homebuyer or real estate partner looking for a dependable loan officer

Lawrence S.

Verified Customer

November 5, 2026

5.0

Mike was absolutely great to work with! He made the refinance process easy and stress-free, was very professional, responsive, and always took the time to answer my questions. I truly appreciate his help and highly recommend Mike to anyone look…ing for someone trustworthy and knowledgeable.

Kris G.

Verified Customer

September 10, 2026

5.0

Katie Lepley made refinancing our home straightforward and stress-free. The initial document collection was easy to navigate, and we completed the signing process within 30 days. Katie guided me through every step and kept me informed about th…e progress she and her team at Lower.com were making. Their communication was excellent, and the entire team was professional and highly capable. I have confidently referred several friends and family members to Katie, knowing they will be in excellent hands.

Diane P.

Verified Customer

October 9, 2026

5.0

Great experience! Cindy was amazing to work with. She is very knowlegable and led us through the process. Everything flowed smothly all the way through the refi process. Would recommend her highly!

Cliff H.

Verified Customer

September 16, 2026

5.0

I would highly recommend this company to anyone looking to refinance their home. Choosing to do a cash-out refinance on my home turned out to be an incredibly challenging situation filled with numerous roadblocks and an emotional roller coaster… of ups and downs. However, working with Taylor and Anita made all the difference in the world. Throughout the entire process, they provided constant reassurance, deep comfort, and kept my anxiety levels at a manageable level during moments when I felt completely overwhelmed. Their professionalism, empathy, and dedication went far beyond just processing a loan; they truly cared about my peace of mind. I am incredibly grateful for their unwavering support and couldn't have crossed the finish line without them.

Tami T.

Verified Customer

October 9, 2026

5.0

Rayma was so wonderful to work with! She was very professional, kind, and went above and beyond to provide us with information when asked, even if it meant working after hours. She answered all of our questions quickly. She was ensured every de…tail was taken care of from the beginning all the way to closing. She made this process as stress free as possible. When it is time to refinance or purchase, we will call on her again.

Jerry I.

Verified Customer

October 3, 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 >

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.)

Start your application >
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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