How is this different from a cash-out refinance?

A rate-and-term refinance focuses on changing the existing mortgage’s terms. Cash-out refinancing is designed to access equity. Permitted cash back and payoff rules depend on the program.

Does a lower payment always mean I save money?

No. A longer repayment term can lower the payment but increase total interest. Compare costs over the time you expect to keep the loan.

Can closing costs be included in the loan?

Some programs allow eligible costs to be financed, subject to loan limits and other requirements. Financing costs increases the balance you repay.

What should I have ready for a consultation?

Start with your latest mortgage statement and your goals. We can then identify the income, asset and property documentation needed for a specific program.

Rate & Term Refinance

LOAN PROGRAM

Is your mortgage still a good fit? Explore whether changing your rate, repayment term or loan structure could support your next chapter. We’ll compare the costs and potential benefits before you decide.

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Documentation Needed

South Shore

WHY CHOOSE A RATE & TERM REFINANCE?

A fresh look at your mortgage, with the full picture in mind.

A rate-and-term refinance replaces your current mortgage with a new loan focused on changing its terms, rather than taking substantial cash from your equity. You might explore a shorter payoff timeline, a different interest rate or a move from an adjustable rate to a fixed rate. The right comparison goes beyond the payment: review closing costs, the new balance, total interest and how long you expect to keep the loan. Extending repayment can reduce the payment while increasing the time you stay in debt. Let’s start with your current statement and what you want to accomplish.

Who Is a Rate & Term Refinance Best For?

Homeowners who have a clear reason to revisit their mortgage and want to compare options before committing. Your current loan, property, finances and available programs determine what is possible. A review may also show that keeping your existing mortgage is the better choice.

Examples:

A homeowner exploring a shorter payoff timeline.
A borrower comparing a fixed rate with an existing adjustable-rate loan.
A household reviewing whether available terms justify the cost of refinancing.

Examples are illustrative. Approval, available terms and any savings depend on individual circumstances and program requirements.

QUICK FACTS ABOUT RATE & TERM REFINANCING

Replaces an existing mortgage

Focuses on rate or term changes

Cash-back limits vary by program

Closing costs should be compared

Credit and income review applies

Property requirements vary

A lower payment may extend repayment

FROM THE BLOG

Helpful Tips & Local Insights

Sonya Bersani Mortgage Broker Lender The Woodlands Texas

Ready to take the next step?

I’m Sonya Bersani. When we review a refinance, I want to understand what you are trying to change and why. I’ll help you compare your current mortgage with available options, including the payment, costs and payoff timeline, so you can make an informed decision.

Sonya Bersani

Loan Originator, NMLS 140571
TREC CE Instructor 10623
Cell 267-934-2659
sonya.bersani@legendhomelending.com

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