500+ Reviews from

Rate & Term Refinance: Lower Your Monthly Payment & Lock in a Better Rate

We work with 100+ lenders to match you with the refinance offer that actually improves your position, not just replaces your loan.

Get a rate quote
  • No impact on credit
  • Takes 1 min

Is Rate & Term Refi the Right Option for You?

A rate-and-term refinance is designed for homeowners who want a better mortgage, not more debt.

Get a rate quote

  • feel like your current rate is too high
  • want to reduce your monthly payment
  • want to switch from an adjustable-rate mortgage (ARM) to a fixed rate
  • want to shorten or extend your loan term
  • want to remove mortgage insurance
  • are not looking to pull cash out

How Rate-and-Term Refinance Works

A Better Refinance Experience: Serving Homeowners Since 1996.

Most Refinances Replace Your Loan. This One Improves It.

Other lenders/Banks

Other

Lenders shopped

Limited to 1

Non QM Loans

Limited

Minimum credit score

640+

DTI Requirements

43%

Fast-track Underwriting

No

Approval Rate

Lower

Closing time

30 days

Dedicated Loan Officer

No

Availability

Limited

Average response time

<1 day

Get a rate quote

Today's live rates

See live lender rates from 100+ wholesale lenders. Customize your details to see your best available options today.

500+ Reviews from

30 years of 5-star mortgage service

For over 30 years, we've built our reputation on excellent service and a mortgage experience that puts borrowers first.

She liked the challenge, consulted a lawyer, made a plan, and we got approved. Adrienne is amazing!

Adrienne Sanchez

Adrienne’s team was always available for any questions. We highly recommend Austin Capital Mortgage!

Adrienne Sanchez

Charlie & Adrienne jumped through hoops for my 30-day close and got it funded right on time. Bravo!

Charlie & Adrienne

Jeff and Brian went above and beyond to help us get our loan over the finish line. Outstanding.

Jeff & Brian

Jeff and team are first-rate. The communication was fast, accurate, extremely helpful, professional, AND personable.

Jeff & Team

Absolutely amazing experience with Jeff Wilkinson. 20/10 would recommend to everyone I know.

Jeff Wilkinson

Jeff simplified every step of my refi as a 1099 contractor and delivered an incredible rate.

Jeff Wilkinson

1099 Contractor

Nicholas Josey helped everything go seamlessly — best rate available, prompt and efficient service.

Nicholas Josey

Nicolas is the best — patient, knowledgeable, and got us the best deal when other lenders failed us.

Nicholas Josey

Tom was always a step ahead and genuinely cared. We’ll never give our business to anyone else.

Tom Oltmann

I can’t say enough good things about Tom and his team at Austin Capital Mortgage! Tom is AMAZING.

Tom Oltmann

Frequently asked questions

A rate-and-term refinance replaces your current mortgage with a new loan that improves your rate, term, or structure without taking cash out.

In some cases, as little as 5% equity may be sufficient depending on the program, but more equity typically gives better options and pricing.

Often yes, especially if you secure a lower rate or extend your loan term. The exact impact depends on your loan structure.

Yes, in eligible scenarios. If your loan-to-value is low enough, refinancing into a conventional loan may remove PMI.

It depends on your loan size, timeline, and costs. Even small rate improvements can lead to meaningful long-term savings.

Most rate-and-term refinances close within 10–21 days, depending on the file.

Start Your Pre Approval

Start your pre-approval to view instant live rates and see how much you could save with a better loan structure.

  • No impact on credit
  • Takes 1 min
  • No docs needed