Get Your Free Rate & Term Refinance Quote
A rate and term refinance is a mortgage refinance where you replace your existing loan with a new one that has either a lower interest rate, a shorter loan term, or both. Unlike a cash-out refinance, you do not extract equity from your home. Instead, the new loan pays off the existing mortgage and provides the same or lower loan balance. In Florida, rate and term refinances are an excellent way to reduce your monthly mortgage payment or pay off your home faster by switching to a shorter-term loan.
One of the primary benefits of a rate and term refinance is the potential savings on interest over the life of your loan. If you originally obtained an adjustable-rate mortgage (ARM), a rate and term refinance allows you to lock in a fixed interest rate, protecting you from future rate increases. For homeowners who have built significant equity in their homes, refinancing to a shorter loan term (such as from a 30-year mortgage to a 15-year mortgage) can result in substantial long-term interest savings while accelerating your path to homeownership. The typical closing costs for a rate and term refinance range from 2% to 5% of your loan amount, making it a cost-effective option when the interest rate savings justify the refinance expenses.
At MortgageQuoteNow.com, we work with top-tier lenders across Florida to help you find the best rate and term refinance options tailored to your financial goals. Whether you want to reduce your monthly payment, shorten your loan term, or convert from an ARM to a fixed-rate mortgage, our team can connect you with lenders offering competitive rates and favorable terms. We serve all 67 Florida counties and make the refinance process simple and straightforward. Get your free quote today and discover how much you could save with a rate and term refinance from one of our trusted partners.
Homeowners across Florida are taking advantage of rate and term refinancing to lower their monthly payments and build equity faster. We serve refinance borrowers in Broward, Miami-Dade, Palm Beach, Hillsborough, Orange, Duval, Pinellas, Lee, Polk, Volusia, Seminole, Brevard, Pasco, Sarasota, Collier, Manatee County and throughout the state. From homeowners in Coral Springs and Plantation to families in Kissimmee, Wesley Chapel, and Palm Coast, our lender network delivers competitive refinance rates statewide.
Who a Rate & Term Refinance Is For
A quick way to see whether this loan fits your situation.
Best for
- Homeowners wanting to lower their interest rate
- Borrowers shortening from a 30-year to a 15-year loan
- Owners switching from an ARM to a fixed-rate mortgage
- Homeowners with at least 5–20% equity
Avoid if
- You plan to sell or move within the next 2–3 years
- Your rate savings would be less than ~0.5–0.75%
- You actually need cash from your equity — use a cash-out refi
- Your credit has dropped significantly since the original loan
What You Need to Qualify
Current Loan
Must have an existing mortgage to refinance
Credit Score
620+ conventional, 580+ FHA, best rates at 740+
Equity
Some equity preferred but not always required
Debt-to-Income Ratio
Generally 43-50% maximum DTI
Payment History
Current on existing mortgage, no recent late payments
Waiting Period
Typically 6-12 months since last refinance