Refinance Without Starting Over At 30 years

Yes you can actually refinance your mortgage loan without starting over the 30 year term. As mortgage rates in Sonoma County have dropped this year, so have the actual costs of home ownership. It’s a fantastic time to purchase a home right now.

It’s an even better time to refinance.

This is a fact. Mortgage rates are in the low 4’s for fixed rate money. As a homeowner, you need to be aware of your “total cost of of your mortgage.” The higher your mortgage interest rate, the more interest you will pay overtime. Yes, mortgage interest is deductible, however, over a 30 year term, mortgage interest compounds making it costlier for you.

Take a look at your Truth In Lending (TILA) statement that was in your closing papers on your last mortgage loan you took out. You’ll notice the total interest over the term of 30 years was likely three times the amount of money you initially borrowed. Right there in big letters it reads “This is how much mortgage loan will cost you.” This is the total cost of your mortgage.

If you have a mortgage at 4.5% or higher you should call mortgage lender right away. You owe it to yourself to at least make the phone call. That could easily amount to $150,000 phone call or more if you can benefit by refinancing.

I’ve been originating mortgage loans for over six years now and each time I talk with clients about the benefits of today’s low refinancing rates they tell me they are “worried about starting over with a new 30 year term.” I hear the same thing all the time.

It all boils down to simple mathematical equation. I show them the math.

Here’s the secret, by making the same mortgage payment you always have on that mortgage you are saving a dramatic amount of “interest” over time and you can actually pay your “house” off faster by refinancing with a lower interest rate. It is all about the lowest possible interest rate on a refinance transaction. If you can refinance today you can improve your equity in your home, reduce your long-term interest expense and pay off your mortgage balance faster. How? Its now not secret anymore, on the new refinance simply make the same mortgage payment you always have.

Try a refinance without starting over 30 years.

By refinancing with today’s rates, you are actually doing the reverse. You are shortening your loan-term, building equity in your property and reducing your total interest expense over time. Additionally, you will get to own your home “mortgage free” much, much sooner.

Mortgage interest rates are presently the lowest they’ve been in US history. It is possible these low rates could be with us for a long time to come, but why take that chance? Wouldn’t it make more sense to have a five-minute conversation with a lender, and lock in that net tangible benefit now? Go get a mortgage rate quote. Call a mortgage lender today so you can refinance without starting over 30 years.

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When buying a home, it’s natural to want the lowest mortgage rate possible. But sometimes, chasing a slightly better rate from another lender—especially after your offer has already been accepted—can backfire in a big way. Let’s walk through a real-world scenario. You’ve got an offer accepted on a house. You’re working with a lender who has you approved, documents in underwriting, and a 21-day close of escrow in place. Everything is moving forward. Then you hear from another lender offering a rate that’s 0.25% lower, with slightly better closing costs. It’s tempting. But before you make a jump, here’s what you need to consider. Switching Lenders Comes with Time Costs When you pivot to a new lender mid-contract, they’ll need to: Re-underwrite your entire loan, Order a new appraisal, Disclose and sign new loan documents, Submit the file for final loan approval, Schedule and fund closing—all over again. This doesn’t happen overnight. Even in ideal circumstances, the new lender is likely going to need at least 25–30 days to close. If you’re in a fast-moving or competitive market, this is a real problem. Most sellers won’t grant a contract extension just because you’re switching lenders. So, what happens next? A Contract Extension Can Jeopardize Your Deal Asking for a contract extension means the seller must agree to delay closing. But that delay introduces risk—especially if the seller has backup offers or simply wants certainty. They may not grant the extension. Or worse, they could cancel the deal outright and take another buyer’s offer. Even if the seller agrees to extend, your earnest money and negotiation power could take a hit. And for what? A slightly lower rate that might save you $50 to $75 a month? Mortgage Rates Aren’t as Far Apart as You Think Here’s the truth: all mortgage lenders get their money from the same place—the bond market. The pricing differences between lenders usually range from 0.125% to 0.25% in rate on any given day. If one lender seems to be offering dramatically better pricing, the first thing you should ask is: How? Head over to FreddieMac.com and check the average 30-year fixed rate posted weekly. This is one of the most reliable benchmarks for where rates truly stand in the market. If a lender is quoting you a rate that’s well below that average, ask for the details: Are they charging extra points? Is this a teaser rate with a prepayment penalty? Is it based on a different loan product or risky structure? Often, what sounds “too good to be true”… is. Consider the Bigger Picture Think long-term. If you’re financing $600,000, a 0.25% lower rate may reduce your payment by roughly $75/month. But what if you lose the house and have to start over? That monthly savings doesn’t mean much if you’re outbid on your dream home or lose your deposit. Also, remember: you’re not going to keep this rate forever. Today’s homebuyers typically refinance when rates drop by about 0.75% or more. So if rates fall within the next year or two, you’ll likely be refinancing anyway. Instead of paying extra points now or risking the entire deal for a minor monthly savings, it may be better to accept a slightly higher rate—knowing you’ll refinance when the time is right. The Real Risk Isn’t the Rate—It’s the Delay When shopping for a home loan, don’t just ask, “What’s your rate?” Ask: Can you close on time? Is this rate sustainable or based on hidden costs? Will switching lenders delay or jeopardize my contract? A home purchase contract is a binding agreement between you and the seller to perform within a set timeframe. If you can’t meet those dates because you're chasing a slightly better rate elsewhere, you may want to reconsider if now is the right time to buy. Final Thoughts Yes, interest rates matter. But execution matters more. Before making a switch mid-transaction, talk to your lender. Have an honest conversation about pricing, timelines, and strategy. You might find that staying the course, securing the house, and planning to refinance later offers a better path to financial security. Want to Know Your Options? Let’s compare rates and strategies the smart way—without risking your dream home. 👉 Click here to get a custom rate quote today.

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7 Comments

  1. […] and you do a short sale, your lender cannot sue you because it is a non-recourse mortgage. If it is refinance money then you need to have a conversation with a real estate attorney because that constitutes a […]



  2. […] terms available on any given day for their mortgage loan scenario. Whether a purchase scenario or a refinance scenario, consider shopping the mortgage loan based upon the loan officer, not the mortgage company. […]



  3. […] The costs associated with refinancing add up to$3000. So if you choose to finance the closing costs, your new loan amount will be $325,000. On a new 30 year fixed-rate mortgage, you can secure a rate of interest at 4%, saving you $341.61 per month. This will allow you to break even in 8.78 months. See how to refinance without starting over 30 years. […]



  4. […] in luck though. For the overwhelming majority of homeowners, there are ways to refinance without starting over a new loan […]



  5. […] sense. You’re in luck though. For the overwhelming majority of homeowners, there are ways to refinance without starting over a new loan […]



  6. […] sense. You’re in luck though. For the overwhelming majority of homeowners, there are ways to refinance without starting over a new loan […]



  7. […] exception to this rule is when completing a government loan streamline refinance or a HARP 2 refinance. For those, no income documentation may be […]



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