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Send me your statement and note. I will tell you in a day whether it is worth doing.
Already own a home
Rate and term refinance
Lower the payment, shorten the term, or drop mortgage insurance
The short version
A refinance is only worth doing when the math works for how long you will actually keep the home. I will run the break even honestly, and if the answer is that you should wait, I will tell you that and put a reminder in my calendar to check again.
Lower payment or a shorter payoff, sometimes both
Chance to drop mortgage insurance if your equity has grown
Move off an adjustable rate before it adjusts
No cash out means the best available refinance pricing
What you get on this program
The work that sits behind the rate quote.
A break even table
Total costs divided by monthly savings, compared against how long you plan to stay. One page, no sales pitch.
Term options side by side
Thirty, twenty and fifteen year payments so you can see what a shorter term really costs per month.
Appraisal waiver checks
On many refinances the appraisal can be waived, which saves time and roughly a thousand dollars.
Escrow accounting
Your old escrow balance is refunded. I show you the real out of pocket after that refund, not just the closing figure.
How this one runs
The same sequence every time, adapted to the program.
Scenario comparison
Two or three structures, with the break even for each.
Application and lock
Documents in, rate locked, appraisal ordered or waived.
Signing
Notary at your home or office, then a three day rescission period on primary residences.
What moves your pricing
Four levers underwriting looks at on this program, and what each one is worth.
| Factor | What it means for you |
|---|---|
| Break even | Under 30 months is usually a clear yes, over 60 months usually a no. |
| Loan to value | Pricing improves below 75% and again below 60%. |
| Remaining term | Restarting a 30 year clock has a cost. We look at a 20 or 25 year term to avoid it. |
| Rate difference | The old rule of thumb was one percent. With low closing costs, half a point can be enough. |
Programs people compare this with
Cash out refinance
Use built up equity for a remodel, tuition or the next property
- Up to 80% loan to value
- Remodel and ADU funding
- Second position alternatives
6.500%sample rate, 6.678% APR
Conforming and high balance
The workhorse loan for most Bay Area buyers
- 3% down for first time buyers
- Fastest underwriting
- PMI drops off automatically
6.125%sample rate, 6.284% APR
Jumbo home loans
For Santa Clara County prices above the conforming cap
- Loans to $3,000,000
- 10% down available to $1.5M
- Fixed and 7/6 ARM
6.250%sample rate, 6.341% APR
Rate and term refinance: the questions I get
Straight answers, including the parts other lenders leave out.
Still stuck on something
Call (408) 555-0124 or book a 20 minute slot. No documents needed for the first conversation.
Usually 21 to 30 days, and the rescission period adds three business days after signing on a primary residence.
It looks that way because of how interest is paid in arrears, but the interest is settled in the payoff. It is a cash flow benefit, not free money.
Yes, and I do regularly. A refinance that does not beat your break even is not worth the paperwork.
Run your own numbers with me
Twenty minutes on rate and term refinance and whether it is really the right tool for your situation.
Sample figures across this site are illustrations, not quotes. Equal Housing Opportunity.