Benefits of Rate & Term Refinancing
Rate and term refinancing can improve your mortgage terms without taking cash out of your home.
Lower Interest Rate
Reduce your monthly payment and total interest paid over the life of your loan with better rates.
Shorter Loan Term
Pay off your home faster by refinancing to a 15-year loan and build equity more quickly.
Eliminate PMI
Remove private mortgage insurance when you have 20% equity, reducing your monthly payment.
Predictable Payments
Switch from an adjustable-rate mortgage to a fixed rate for payment stability.
Better Loan Terms
Access improved loan features and terms that weren't available with your original mortgage.
No Cash Out
Keep your loan balance the same or lower while improving your loan terms and rate.
When Should You Refinance in Orange County?
Consider refinancing when these market conditions or personal situations apply to you.
Rates Have Dropped
When market rates are 0.5% or more below your current rate
Credit Score Improved
Your credit score has increased significantly since your original loan
Home Value Increased
Your home has appreciated, giving you 20%+ equity to eliminate PMI
ARM Rate Adjusting
Your adjustable-rate mortgage is set to increase
Types of Rate & Term Refinancing
Different refinancing strategies to meet your specific financial goals.
Rate Reduction
Lower your interest rate to reduce monthly payments
Best for: When rates have dropped significantly
Term Change
Switch to a different loan term (15-year, 20-year, 30-year)
Best for: Building equity faster or lowering payments
PMI Removal
Eliminate private mortgage insurance with 20% equity
Best for: Homes that have appreciated in value
ARM to Fixed
Convert adjustable-rate mortgage to fixed-rate stability
Best for: Rate certainty and predictable payments
Refinance Requirements in California
Rate and term refinancing has similar qualification requirements to your original mortgage.
Rate & Term Refinance Process
Our streamlined refinancing process makes improving your mortgage terms simple and fast.
Rate Comparison
Compare your current rate with available competitive rates
Application Submission
Complete refinance application with income verification
Home Appraisal
Property appraisal confirms current value and equity
Closing & Funding
Sign new loan documents and enjoy lower payments
Refinancing Throughout Orange County
Helping homeowners refinance and save money across all major Orange County cities.
Rate & Term Refinance FAQ
How much can I save by refinancing in Orange County?
Savings depend on the rate difference, loan amount, and remaining term. A 1% rate reduction on a $500,000 loan could save $400+ monthly and $100,000+ over the loan term.
What are the closing costs for a refinance?
Refinance closing costs typically range from 2-5% of the loan amount. However, the monthly savings often offset closing costs within 12-24 months.
Can I refinance if I have PMI on my current loan?
Yes! If your home has appreciated to give you 20% equity, refinancing can eliminate PMI entirely, providing significant monthly savings.
How long does the refinance process take?
Most refinances close within 2-3 weeks from start to finish. Our lender network and streamlined process allows for faster closings than traditional lenders.
Should I refinance from a 30-year to a 15-year loan?
A 15-year loan builds equity faster and saves interest long-term, but has higher monthly payments. We'll help you determine what works best for your budget and goals.
What happens to my current mortgage when I refinance?
Your new loan pays off the existing mortgage completely. You'll have just one mortgage payment to the new lender with your improved terms.