What a conventional rate-and-term refinance is, when it beats cash-out, and typical steps. The 2 Mortgage Guys at Luminate Bank, lending nationwide.
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Conventional Loans
Rate-and-Term Refi
A rate-and-term refinance replaces your existing mortgage with a new loan to change the interest rate, the loan term, or both — without pulling extra cash out beyond allowed closing costs. It is the classic lower-my-payment or shorten-my-term refinance.
You are refinancing the loan structure — not harvesting equity for other spending.
Run the math on savings, break-even, and how long you plan to keep the home.
Rate-and-term rules are specific — these items are commonly treated as costs, not cash-out.
We focus on payment impact and break-even — not just the headline rate.
Step
Related guides to help you compare options and move toward pre-approval.
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Send your current rate, balance, and goals — Ryan or Steve will show payment and break-even options side by side.