A rate-and-term refinance replaces your current mortgage with a new loan focused on changing the interest rate, repayment term, or loan structure, rather than taking a substantial amount of cash from your equity. Barren Hill Mortgage helps you compare the new loan with what you have today.

Reasons to Consider Refinancing

• Lowering your interest rate.

• Reducing your monthly principal and interest payment.

• Moving to a shorter payoff schedule.

• Replacing an adjustable-rate loan with a fixed-rate mortgage.

• Removing mortgage insurance when eligible.

The Payment Is Only One Part of the Decision

Extending your term can reduce the monthly payment while increasing interest paid over time. A shorter term may do the opposite. Closing costs also affect the value of refinancing. If costs are added to the loan, your balance increases.

Get a Side-by-Side Comparison

We’ll review the payment, costs, loan balance, and payoff timeline so you can make a clear decision.