What is a rate and term refinance? This is when you refinance just to change the interest rate and the term of your mortgage. You aren't pulling out any cash or equity - you are hopefully just negotiating a better deal for yourself. Your new interest rate will depend on how much money you are borrowing and for what length of time. Mortgage companies use something called a 'loan to value' ratio to calculate this. For instance, if you had an $80,000 home and an existing mortgage of $40,000, you would have a loan to value ratio of 50%. Basically, the higher your loan to value (LTV) ratio, the higher the interest rate.
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