Refinance Your Texas Mortgage. Lower Rate. Lower Payment. Your Call.
If you bought or last refinanced when rates were near their recent peak, now is a good time to see what your new payment could be. Kris shops 20+ lenders to find your best option.
A rate and term refinance replaces your existing mortgage with a new one at a lower interest rate, a different term, or both. No cash is taken out — the goal is simply to improve your loan terms. This is the most common type of refinance and typically the simplest to qualify for, as long as you have equity in your home and a solid payment history.
With current 30-year rates remain well below the peak near 8% reached in late 2023. Borrowers who purchased or refinanced at or near that peak have a clear opportunity to reduce their rate and monthly payment. As an independent broker, Kris shops rates across 20+ wholesale lenders to find pricing that retail banks and direct lenders simply cannot match. Getting a rate quote costs nothing and requires no credit pull.
Good Candidates for a Rate and Term Refinance
Current rate is 0.5% or more above today's market rates
You plan to stay in the home long enough to break even on closing costs
Credit score has improved since your original loan
You want to switch from an adjustable rate to a fixed rate
You want to shorten your term from 30 years to 15 years
You want to remove PMI if your equity has reached 20%
Pros and Cons
Advantages
Lower monthly payment frees up cash flow
Shorter term builds equity faster and reduces total interest paid
Switching from ARM to fixed eliminates rate uncertainty
No-closing-cost options available with slightly higher rate
Can remove PMI if LTV has improved to 80%
Broker access means comparing 20+ lenders at once
Things to Consider
Closing costs typically 2-5% of loan amount
Resets your loan term if you refinance into a new 30-year
Must stay in home long enough to break even
Requires appraisal in most cases (adds cost and time)
Rate must be meaningfully lower to justify the cost
Frequently Asked Questions
Refinancing makes sense when you can lower your rate by at least 0.5-1%, when you want to shorten your loan term (for example from 30 years to 15 years), when you want to eliminate PMI after reaching 20% equity, when you want to convert from an adjustable rate to a fixed rate, or when your financial profile has improved enough to qualify for better terms than your original loan.
Divide your total closing costs by your monthly savings. For example, if refinancing costs $5,000 and saves you $250 per month, your break-even is 20 months. If you plan to stay in the home longer than 20 months, refinancing makes financial sense. Kris runs this calculation for every borrower at no cost.
Refinancing typically costs 2-5% of the loan amount in closing costs, including lender fees, appraisal, title, and government recording fees. Many borrowers choose a no-closing-cost refinance where the lender covers upfront costs in exchange for a slightly higher rate. Kris presents both options so you can choose what fits your goals.
Most refinances close in 21-30 days. The timeline includes appraisal, underwriting, title work, and scheduling closing. Kris prioritizes clear communication throughout to keep the process moving and flag any issues early.
Applying for a refinance triggers a hard credit inquiry, which may temporarily lower your score by a few points. However, most credit scoring models treat multiple mortgage inquiries within a short window (typically 14-45 days) as a single inquiry, so shopping multiple lenders through a broker does not compound the impact.
Yes. FHA loans can be refinanced into a conventional loan once you reach 20% equity (eliminating MIP), or through an FHA Streamline refinance with minimal documentation. VA loans can be refinanced via the VA IRRRL (streamline) with no appraisal required in most cases. Kris can identify the most efficient path for your specific loan type.
