You can use a rate and term refinance to switch from one type of loan to another, such as going from an FHA loan to a conventional loan or from an adjustable-rate mortgage to a fixed-rate mortgage.

A rate and term refinance can make your mortgage payment more affordable, either by lowering your interest rate or by spreading payments out over a longer term. Faster payoff.

The average 15-year mortgage rate was up 18 basis points, to 6.27%. The rate for five-year adjustable-rate mortgages was up 18 basis points to 6.31% from the previous week. -Aarthi Swaminathan ...

Here are sample calculations for a borrower who took out a 30-year fixed $300,000 mortgage five years ago and is considering refinancing options for the remaining $282,395 owed.

While fixed-rate mortgages offer the comfort of predictability with a consistent interest rate throughout the loan term, ARMs provide flexibility that can be appealing, particularly for those who ...

For example, say you can get an interest-only rate for the first 10 years (mortgage amortizes in the remaining 20 years if you don’t pay principal and interest) at 6.75%. Take $1.5 million loan ...

With an adjustable rate mortgage, or ARM, interest rates can change based on market conditions. With an ARM, the borrower locks in a fixed rate for the introductory period, which is typically five ...

Prospective homeowners face a crucial decision when choosing between fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs). While ARMs have a controversial reputation following the 2008 ...

CrossCountry Mortgage offers cash-out and rate-and-term refinancing in all 50 U.S. states and , Washington, D.C. and Puerto Rico. It also provides HELOCs but does not offer home equity loans ...

Today’s 20-year fixed-rate mortgage interest rate is 6.63%, unchanged from yesterday. A $400,000 mortgage with a 20-year term at a 5.50% fixed interest rate would result in a $2,530 monthly payment.