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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