Short answer
The simplest refi: keep the balance, change the rate or term.
A rate-and-term refi pays off your existing mortgage with a new one at a different rate, term, or both. No new cash comes back to you at closing.
What it is
A rate-and-term refi pays off your existing mortgage with a new one at a different rate, term, or both. No new cash comes back to you at closing.
When it fits
Great for lowering payments, shortening the payoff timeline, or getting off an adjustable-rate mortgage.
Key takeaways
- No cash back — just a better structure.
- Ideal for improving rate or term.
Frequently asked questions
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Related mortgage option
Ready to apply this to a real loan? Review how Refinancing work in Florida, or estimate your monthly payment before you talk to an advisor.
Sources
Program rules change and individual lender overlays apply. Verify specifics with the agency or with a licensed NexGen Capital advisor before relying on them.
Reviewed by NexGen Capital Corp
Written and reviewed by the licensed mortgage team at NexGen Capital Corp, a Florida mortgage brokerage (NMLS #1766649). Verify our license on NMLS Consumer Access.
Last reviewed: 2026
This article is educational and is not a commitment to lend or an offer of credit. Speak with a licensed NexGen advisor about your own situation.