Rate & term · Lower your payment
A rate-and-term refinance replaces your current mortgage with a new one at a better rate, a different term, or both. No new cash out — the goal is a lower payment, a shorter payoff, or getting rid of mortgage insurance.
The only question that matters is break-even: how many months of savings it takes to recover your closing costs. If you're not staying in the house past that point, refinancing is the wrong call and we'll tell you so.
Current guidelines. Overlays vary by investor, so treat these as the strike zone — not a hard rulebook.
Credit score
620+ conventional, 580+ FHA streamline, 620+ VA IRRRL
Equity
As little as 3–5% for conventional rate-and-term; streamline options need almost none
Debt-to-income
Up to 50% conventional; streamline refinances often skip income docs entirely
Appraisal
Often waived on streamline and eligible conventional refinances
Seasoning
Usually six payments made on the current loan
Timeline
21–30 days typical; faster on appraisal-waived files
We won't pitch a refinance until the numbers show you recover closing costs well before you'd sell or move.
Hit 20% equity through appreciation? A refinance can strip mortgage insurance out of your payment for good.
Moving from 30 to 15 years can save six figures in interest — often with a smaller payment jump than people expect.
FHA Streamline and VA IRRRL skip most documentation and sometimes the appraisal entirely.
A 15-minute call. Real numbers, no credit pull required to start.
Use our calculator to see principal, interest, taxes, insurance, and PMI.
Open CalculatorSend your current rate, balance, and payment. We'll run your break-even in one call — no pressure either way.
Steve Kent · NMLS #1621847 · Licensed in 22 states