Lower My Payment

We'll help you take advantage of today's historically low rates.

Keep more of your hard-earned money.

  • Interest rates are as low as ever

    The recent record-low mortgage interest rates are saving people hundreds on their monthly mortgage payments.

  • You have goals

    You work hard for your money, it's time you keep more of it by lowering your monthly mortgage payments.

  • Take advantage of favorable loan terms

    With rates this low you'll likely never have to refinance again.

  • Let JFQ Lending show you how

    Our experienced mortgage professionals will review your complete financial profile, including your income, assets, and credit to make it simple & easy.

Lower Payment FAQs

What Is a Rate-and-Term Refinance?

When you refinance your home loan into a lower interest rate or a different type of loan term without increasing the overall loan amount, this is considered a rate-and-term refinance. You can reduce your interest rate in order to save money monthly, go from an Adjustable Rate Mortgage (ARM) to a fixed rate loan or vice versa, or even just re-set the fixed rate period on you current ARM. 

Conventional Refinance

Conventional refinance loans typically allow you to roll the costs of refinancing into your new loan amount while still being considered rate-and-term. Additionally, conventional loans backed by Fannie Mae or Freddie Mac may allow for a small sum to be taken out of the loan proceeds, not to exceed $2,000 or 2% of the loan amount, whichever is less. Learn more about conventional loans here.

FHA & VA Refinance

Rate-and-term FHA and VA refinance loans may limit the amount of cash proceeds you can receive to $500 or less. They may also require that your refinance meet certain criteria for being financially beneficial, for example an interest rate reduction of 0.500% or greater, or going from an adjustable rate loan to a fixed rate loan. Learn more about streamline loans here.

Which Loan Types Can Be Refinanced?

Almost any existing mortgage is eligible to be refinanced if there is a financial benefit for you — especially lowering your interest rate and monthly payment. We offer a number of top loan programs for your rate-and-term refinance, including:

If you're wondering which programs are best-suited to your scenario and what you might qualify for, please reach out to us directly! Our experienced mortgage professionals are standing by and will gladly assist. 

How Is a Rate-and-Term Refinance Different From a Cash-Out Refinance?

Regular rate-and-term refinances lower monthly payments by reducing the interest rate of the loan, ideally without increasing the principal balance you owe. Additional payment savings may come from resetting your loan term back to a new 30 year mortgage. You may be able to roll in the costs of refinancing and even receive a small sum at closing though. For conventional loans, this is limited to 2% of the loan or $2,000 — whichever is less. For other loan types, like FHA or VA loans, this may be limited to $500 or less.

A cash-out refinance may also reduce your total monthly payments, especially if you are paying off other debts. This type of refinance allows you to take money out of the equity in your home, up to a certain loan-to-value percentage. Since your loan amount is increasing, investors see this as an increase in risk and charge slightly higher interest rates for cash-out loans compared to rate-and-term refinances.

Can JFQ Lending Match or Beat Quotes?

This is an area of specialty for our experts, so we're focused on getting you what you are looking for. Upon qualification, we will match or beat any deal you can provide to us in writing*. 

*This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice. Equal Housing Lender. Rate Match Guarantee available for new purchases and refinanced first mortgage loans. Certain product restrictions may apply. Provide your JFQ Lending, Inc. Mortgage Loan Originator with a copy of the Loan Estimate from the competing lender. Competing Loan Estimate must be locked and dated the same day it is presented. This offer is subject to credit approval and may change or terminate without notice.

Getting approved starts here.

Our mortgage professionals are ready to help.

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