Rate-and-Term Refinance: Requirements, Rates & How to Apply
Refinance your existing mortgage to a lower rate or different term without taking cash out. The most common refinance type.
620
Min Credit Score
0%
Min Down Payment
50%
Max DTI
refinance
Category
Key Takeaways
- ✓ Minimum credit score requirement: 620.
- ✓ Minimum down payment: 0% of the purchase price.
- ✓ Maximum debt-to-income (DTI) ratio: 50%.
- ✓ Refinance your existing mortgage to a lower rate or different term without taking cash out. The most common refinance type.
See Rate-and-Term Refinance Rates by State
Alabama (AL) Alaska (AK) Arizona (AZ) Arkansas (AR) California (CA) Colorado (CO) Connecticut (CT) Delaware (DE) District of Columbia (DC) Florida (FL) Georgia (GA) Hawaii (HI) Idaho (ID) Illinois (IL) Indiana (IN) Iowa (IA) Kansas (KS) Kentucky (KY) Louisiana (LA) Maine (ME) Maryland (MD) Massachusetts (MA) Michigan (MI) Minnesota (MN) Mississippi (MS) Missouri (MO) Montana (MT) Nebraska (NE) Nevada (NV) New Hampshire (NH) New Jersey (NJ) New Mexico (NM) New York (NY) North Carolina (NC) North Dakota (ND) Ohio (OH) Oklahoma (OK) Oregon (OR) Pennsylvania (PA) Rhode Island (RI) South Carolina (SC) South Dakota (SD) Tennessee (TN) Texas (TX) Utah (UT) Vermont (VT) Virginia (VA) Washington (WA) West Virginia (WV) Wisconsin (WI) Wyoming (WY)