Want to lower your mortgage payment without taking cash out? A rate and term refinance may be the right move. This type of refinance lets you adjust your current mortgage, usually to get a better rate, a shorter term, or both without resetting everything or pulling equity from your home.

For many Colorado homeowners, this is a smart way to save money month-to-month or pay off your home faster.

Why refinance without taking cash out?

Here’s what makes this strategy so appealing:

• Lower your monthly payment with a better interest rate
• Switch from an ARM to a fixed-rate loan for long-term stability
• Shorten your loan term to save thousands in interest over time
• Remove mortgage insurance (PMI) if you’ve built enough equity
• No cash out required, just a better loan for your goals

It’s a popular option for homeowners who want to improve their finances without tapping into home equity.

Do I qualify to refinance?

Here are some general guidelines to help you know if this might be a good fit:

– You’ve built equity in your home
– You’re current on your mortgage payments
– Your credit score is at least 620*
– Your income supports the new payment
– You’re not taking any cash out of your home equity

If you’re unsure where you stand, we can help you run the numbers and see your options.

We help homeowners across Colorado including Centennial, Denver, Highlands Ranch, Castle Rock, and beyond to refinance with confidence. Whether you’re looking to lock in a lower rate or shed PMI, we’ll walk you through everything step by step.

Call or text us at 303-670-0137, email us at rbaxter@choicemortgage.com, or request your custom refinance quote today.

To learn more about refinancing terms, visit the Consumer Financial Protection Bureau