when considering any of these options it is important to calculate all the implications carefully and see how they compare to keeping your current mortgage 
examples of rate and term refinancinglet s say you have been paying off a 30 year mortgage for 10 years and interest rates suddenly drop you might want to take advantage of the new rates one option would be to refinance the balance left on the original mortgage at that lower rate for a new 30 year full term the new loan would have lower monthly payments but it would be like starting over at a lower rate it would add 10 years to the total time to pay off the mortgage there were 10 years spent paying the first mortgage and there would be another 30 years for the new one which would equal 40 years in total between the lower interest rates and the longer term monthly payments would be much lower you could also use the rate and term refinancing option to pay the new interest rate and negotiate a 15 year mortgage your monthly payments would be twice as high as for a 30 year term all other things being equal however because interest rates fell your monthly payments may end up being lower than they were for the remaining 20 years of the original mortgage however it s more likely your monthly payments would still be higher because of the shorter term the main advantage is that you would save five years of payments there were 10 years spent paying the original mortgage and there would be 15 years for the new one equaling 25 years in total mortgage lending discrimination is illegal if you think you ve been discriminated against based on race religion sex marital status use of public assistance national origin disability or age there are steps you can take one such step is to file a report to the consumer financial protection bureau or with the u s department of housing and urban development hud 