Rate and Term Refinance in California

A rate and term refinance replaces your existing mortgage to lower the rate, shorten the term, or both, without taking cash out. Because no equity is withdrawn, it prices better than a cash-out refinance and allows higher loan-to-value — up to 95% on conventional and higher on FHA and VA streamlines. Expect a 620 credit score and 25-40 days to close. Compare the closing cost against monthly savings to find your break-even.

Most rate and term refinance programs in California look for 620+. Credit tends to affect your pricing more than your eligibility — a stronger score usually shows up as a lower rate rather than a different answer on whether you qualify.

A rate and term refinance in California typically requires 5-20% equity. The exact figure moves with your credit profile, occupancy and property type — stronger files land at the low end of that range.

A rate and term refinance in California generally closes in 25-40 days. Appraisal turn times and how quickly you return requested documents are the two things that move that timeline most.

A rate and term refinance is available for primary, second home or investment. Occupancy affects both pricing and down payment, so confirm the intended use up front — it changes the terms you are quoted.

Rate and term refinance rates run at or close to conventional market rates, since these are agency-eligible loans. Your specific number depends on credit, down payment, occupancy and the day you lock.

For a rate and term refinance, income is full documentation, or streamlined on FHA and VA versions. This is the main way the program differs from a standard conventional loan, and it is usually the reason borrowers choose it.

Yes. With a rate and term refinance the usual path is to refinance again when rates drop past your break-even point. Nothing locks you in — plan the exit when you take the loan rather than after.

For a rate and term refinance you will need a government ID, credit authorization and property details, plus a current mortgage statement, insurance declaration and two years of income documents.

Call (888) 703-1840 for a free rate and term refinance consultation, or use the form on this page. Pre-approval usually takes 1-3 business days, and there is no cost and no hard credit pull to find out what you qualify for.