Rate/Term Refinance | Lower Mortgage
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Rate/Term Refinance

Refinance to pay less per month or less over time.

With competitive refinance mortgage rates, Lower makes it easy to find the perfect option to save money and pay off your home faster.

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Apply in 3 minutes
No-impact credit check. No commitment.
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Rate/Term Refinance Benefits

Maximize savings with a rate/term refinance.

Refinancing to a lower rate or shorter term can save you thousands over time. Take control of your mortgage with options that fit your financial goals.

Lower your interest rate and save
Reduce your monthly payments
Pay off your mortgage sooner
Build equity faster
Lock in stable, predictable payments

Trusted by homeowners nationwide for smart refinancing.

"The entire process was quick and simple. they offered the BEST rates, BEST overall payment, LOWEST monthly payment (and closing costs).... GO WITH THESE GUYS if you are refinancing"
Robert
LendingTree
"My score wasn't the best but Adam was pretty confident he could work something out and this was after being told no by other lenders. I didn't get my hopes up but to my surprise I was approved!"
J.
Google
"My husband and I were extremely happy working with Patrick Martin and thanks to Lending Tree we were connected to Patrick. He made everything easy. He's highly knowledgeable and obviously cares about his customers. We highly recommend Lending Tree and Lower.com Because of them we are finally debt free!!"
Tina
LendingTree
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Why refinance with Lower?

Enjoy a simple, hassle-free application, competitive rates, and personalized support every step of the way. Join thousands who trust Lower—a verified top lender—for their refinancing needs.

Apply for a rate/term refinance

Enjoy Free Refi for Life* with Lower

Refinance once with Lower, and we cover your future lending fees, helping you save every time you refinance—at no extra cost.

Refinance with confidence
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No credit check until you’re ready to refinance.

Your credit is important, so we don't do a hard pull until you're absolutely ready. (And we'll always ask for permission when we do.)

Start your application
Frequently Ask Questions

You’ve got rate/term refinancing questions.
We’ve got answers.

A rate-term refinance is a straightforward type of refinance that replaces your current mortgage with a new one. It’s commonly used to lower your interest rate, change your loan term, or both. Unlike a cash-out refinance, a rate-term refinance is focused on improving the structure of your mortgage rather than pulling equity out of your home.

Homeowners often choose a rate-term refinance to reduce their monthly principal and interest payment, pay off their loan faster, or save money on interest over the life of the loan. For example, you might refinance into a lower rate to improve affordability, or switch from a 30-year loan to a shorter term if your goal is to build equity faster and reduce total interest costs.

What’s the difference between a rate/term and a cash-out refinance?

A rate/term refinance is designed to help you lower your interest rate, shorten your loan term, or both, without taking out extra cash. This type of refinance is ideal for reducing monthly payments or saving on interest over the life of your loan.‍
A cash-out refinance, on the other hand, allows you to access a portion of your home’s equity by taking out a larger loan than your current mortgage balance. You receive the difference in cash, which you can use for renovations, debt consolidation, or other expenses. While a cash-out refinance can be beneficial if you need funds, it often comes with a slightly higher interest rate compared to a rate/term refinance.

What’s the difference between 15-year and 30-year refinance rates?

Typically, 15-year refinance rates are lower than 30-year rates, allowing you to pay less interest over the life of the loan. However, 15-year terms come with higher monthly payments, which might impact your budget. A 30-year refinance offers lower monthly payments, though the total interest paid over time will be higher. Your choice depends on whether you’re looking for monthly savings or want to build equity faster.

What are the best refinance rates available today?

The best refinance rates depend on factors like your credit score, loan-to-value ratio, and current market conditions. Rates also vary between 15-year and 30-year terms, with shorter terms generally offering lower rates. Contact us to get today’s most competitive rates tailored to your profile and refinancing goals.

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