Rate and Term Refinance in Phoenix AZLower Your Rate or Change Your Term
Want a lower rate or a different loan term but you don't need cash out? A rate-and-term refinance is the simplest kind of refi. Replace your current mortgage with a new one at a better rate, a shorter term, or both. I'll tell you honestly whether it makes sense to refinance right now.
- 10+ Years Experience
- License NMLS# 1455718
- $500M+ in Loan Volume Closed
- Backed by the Nation's #1 Mortgage Brokerage
When You Need Rate and Term Refinance
A rate-and-term refinance makes sense when current rates are at least a half point lower than your existing rate, when you want to switch from a 30-year to a 15-year term to pay off faster, when you want to drop mortgage insurance because you now have 20 percent equity, or when you want to switch from an adjustable to a fixed loan. The break-even math matters — if you'll be in the home long enough to recoup the closing costs through the lower monthly payment, the refi pays off.
Our Rate and Term Refinance Process
Here's how we close your rate-and-term refi. Call or text me with your current mortgage info — rate, balance, and remaining term. I'll pull a soft credit check and quote you the best refinance rate I can find. I'll also calculate your break-even point so you know how long it takes for the savings to cover the closing costs. If the math works, we move forward. Most rate-and-term refis close in 25 to 35 days.
Rate and Term Refinance Cost in Phoenix
Refinance closing costs typically run 2 to 4 percent of the loan amount, but I'll show you no-closing-cost options too (where the rate is slightly higher but you pay no upfront fees). You'll see every cost in writing before you commit. If the refi doesn't save you enough to justify the cost, I'll tell you to wait.
Why Choose Us
I tell people not to refinance all the time. If the math doesn't work, the math doesn't work. Ten years in the business, 50-plus five-star reviews, and a reputation for honesty. Same-day response on every call and text. I'll only recommend the refi if it puts more money in your pocket.
Ready to Get Started?
Curious if a refi makes sense? Call or text Mark at (480) 690-9790 and I'll run the numbers free today.
For more refinance options, see all of our Mortgage Lender programs in Phoenix.
Reviewed by
Mark Fazio — Licensed Mortgage Loan Officer
NMLS #1455718 · Barrett Financial Group (NMLS #181106) · Phoenix, AZ
Mark Fazio is a licensed Phoenix mortgage broker with 10+ years of experience and over 1,000 home loans closed. He shops dozens of lenders to find the lowest rate on purchase, refinance, and specialty loans, and personally guides every client from the first call through closing.