Rate-and-term refinance
Replace an existing mortgage with a new structure intended to adjust the rate, term, payment or program without taking significant cash out.
Apply securelyMortgage refinance
A refinance should improve the plan—not just change the rate.
Refinancing can restructure an existing mortgage, adjust payment or term, access eligible equity or address mortgage insurance. A useful decision compares the new loan with the loan you already have, including costs and break-even timing.
Start with the scenario
Start with a measurable goal for the new loan.
Straight Deal Mortgage can compare eligible programs across a broad wholesale network and help identify the documentation and execution path that fits the complete transaction.
How the program works
Qualification built around the right information.
Cash-out refinance
Use eligible equity through a larger new first mortgage while evaluating the new balance, rate, costs and long-term payment impact.
Break-even analysis
Compare closing costs and monthly changes with the expected ownership horizon instead of relying only on an advertised rate.
A clearer path forward
What to expect.
- 01
Document the current loan
Confirm the balance, rate, payment, remaining term, mortgage insurance, estimated value and payoff details.
- 02
Define the refinance objective
Identify the desired payment, term, cash need or program change and how long the property is expected to be held.
- 03
Compare complete scenarios
Review eligible interest rates, points or credits, closing costs, payment changes and estimated break-even timing.
- 04
Complete underwriting
Submit required borrower, property, title and insurance documents and confirm the final benefits before closing.
Common questions
Answers before you apply.
How do I know whether refinancing makes sense?
Compare the new loan with the current loan using closing costs, payment difference, remaining term, mortgage insurance, cash needs and expected time in the property.
Does refinancing restart the loan term?
A refinance creates a new loan with a new term. Borrowers can compare multiple eligible terms and should consider the effect on total repayment time and interest.
Can I refinance without taking cash out?
Yes. An eligible rate-and-term refinance may adjust the loan’s rate, term or program without a significant cash-out component.
Is a cash-out refinance better than a HELOC?
Neither is automatically better. A cash-out refinance replaces the first mortgage, while a HELOC commonly adds a separate lien. Existing rate, funding needs, costs and repayment preferences matter.
Continue researching
Read the detailed mortgage guide.
Learn the terminology, common documentation, potential tradeoffs and questions to ask before choosing a program.
Program terms, documentation, pricing, lender participation, property eligibility and availability vary by transaction and jurisdiction and may change without notice. All loans are subject to application, credit approval, property review, underwriting requirements and applicable law. This is not a commitment to lend.