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Rate and Term Refinance

A rate and term refinance allows homeowners to replace their current mortgage with a new one often featuring a lower interest rate, a different loan term, or both. The goal is to reduce monthly payments, minimize the total interest paid over time, and improve overall loan affordability. It’s a smart way to make your mortgage work better for you.

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Rate and term refiancing

Rate and Term Refinance Information

A rate and term refinance allows homeowners to replace their current mortgage with one that has better terms—typically a lower interest rate or different repayment period. This move is designed to improve affordability, reduce total interest costs, and sometimes build equity faster by shortening the loan term.

  • Lower Monthly Payments: Secure a lower rate or extend your term to reduce monthly payments and improve budgeting.
  • Save on Interest Over Time: A reduced rate or shorter term can significantly cut your total interest paid.
  • Improved Monthly Cash Flow: Lower payments free up cash for savings, investments, or personal goals.
  • Build Equity Faster: A shorter term means faster principal reduction and equity growth.

Rate and term refinancing can be a smart move—but it depends on your current loan, financial goals, and long-term plans. If you're looking to reduce monthly payments, lower your interest cost, or pay off your home faster, this option may be worth exploring. At Bravo Mortgage, we’ll help you assess your situation and determine whether a refinance aligns with your needs.

  • Review Your Current Mortgage: Identify opportunities for improvement.
  • Compare Lenders and Offers: Find competitive rates and terms.
  • Submit a Refinance Application: Provide income, credit, and property documentation.
  • Appraisal and Underwriting: The lender will verify the home's value and assess financials.
  • Close Your New Loan: Finalize the loan and begin payments under the new terms.

Get In Touch With Us

We understand that every dream is unique and personal. If you're ready to take the next step or simply have questions.