- Home
- Loan programs
- Rate and term refinance
Refinance when the math actually works
Swap your current mortgage for a lower rate or shorter term. We show your break-even month before you pay a single fee.
- Typical close
- 18 to 25 days
- Max LTV
- Up to 97%
- Appraisal
- Waiver often available
- Break-even
- Shown upfront
How a rate and term refinance works
A rate and term refinance replaces your existing loan with a new one for about the same balance. People refinance to cut their rate, move from an adjustable to a fixed rate, remove FHA mortgage insurance, or shorten a 30 year loan to 15 or 20 years.
Refinancing has costs, so timing matters. We calculate your break-even point, the month when savings exceed closing costs, and we will tell you plainly if waiting is the better move.
What is included with Summit Ridge
Every rate and term refinance comes with one flat $995 lender fee, shown before you apply, plus everything below.
- Break-even and lifetime interest comparison
- No-cost refinance option (higher rate)
- FHA to conventional PMI removal review
- Free rate watch when savings are not there yet
- Escrow account transfer handled for you
- Streamline options for FHA and VA loans
The process, step by step
One loan officer and one processor from your first question to closing day.
- 1
Savings review
Share your current statement and we calculate real savings and break-even.
- 2
Lock
Lock when the numbers work, with a free float-down if rates improve 0.25%.
- 3
Appraisal or waiver
Many refinances qualify for an appraisal waiver, saving about $650.
- 4
Sign at home
A notary comes to you. Funds disburse after the 3 day right of rescission.
Why borrowers choose it
Lower monthly payment
Even a 0.75% rate drop on $380,000 can save about $190 a month in our sample math.
Pay off sooner
Moving to a 15 year term can cut total interest by more than half.
Drop mortgage insurance
Home values have risen, so many FHA borrowers now qualify for conventional without PMI.
Skip a payment
Your timing may let you skip one mortgage payment, though interest still accrues.
Requirements and pricing factors
Your rate and approval depend on these factors. We explain exactly which ones move your price.
See sample rates- Credit score
- 620+ conventional, 580+ FHA
- Equity
- 3% for conventional, less for streamlines
- Payment history
- No 30 day late payments in the last 12 months
- Seasoning
- 6 months since your last closing for most programs
- Occupancy
- Primary, second home or investment
Rate and term refinance questions
More answers in our full FAQ and learning center.
There is no fixed rule. What matters is how long you will stay versus your break-even month. Our refinance calculator shows both.
Only if you choose a 30 year term. You can pick a custom term, such as 23 years, to keep your payoff date.
A hard inquiry may lower your score a few points temporarily. Multiple mortgage inquiries within 45 days count as one.
Ready to price your rate and term refinance?
Pre-qualify in about 6 minutes with a soft credit check. No impact to your score and no obligation.
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