Rate and Term Refinance
Lower Your Payment
- If you hold equity in your home, it is possible to refinance to a new mortgage with a lower monthly payment with a rate and term refinance.
- Refinancing can also cancel (or reduce) mortgage insurance that you are paying with your current mortgage.
- Fixed rate loan options will secure your new, lower monthly payment for the life of your loan so you can keep more of your hard earned money in your pocket.
Shorten your term with a rate and term refinance
- Shortening your mortgage term can result in substantial savings on interest.
- Refinancing can cancel (or reduce) mortgage insurance that you are paying with your current mortgage.
- Fixed rate options protect you from any future fluctuations in interest rates.
Rate and term refinance facts
- Qualifying borrowers can finance up to 97% of the appraised value of their home.
- In most cases, closing costs can be included in the new loan, so you will have little or no cash out of pocket.
Access equity in your home
- Use the equity in your home to help pay for any of life's expenses. You'll receive a check at closing and are free to use the funds for any purpose.
- Unlike personal loans, or other lines of credit, you have the safety and security of a fixed rate mortgage.
- Cashing out the equity in your home can save you big time when it comes to monthly expenses by consolidating high-interest debt obligations into a fixed mortgage payment.
- Payoff any debt (does not need to be home related) into a fixed rate mortgage and save money instead of paying on high interest rate loans, credit cards, etc.
Cash-out refinance facts
- Qualifying borrowers can finance up to 80% of their home's appraised value.
- The difference between the new loan amount and the borrower's existing mortgage is paid to the borrower at closing.
- Cash-out refinances are available in different terms. A Home Loan Advisor can help determine what your best option is.
Lower your payment
- Qualifying homeowner's currently financed with an FHA mortgage can easily lower their interest rate or shorten their mortgage term with an FHA streamline refinance.
- Minimal documentation requirements make the streamline process much easier than a traditional mortgage.
- Streamline refinances do not always require an appraisal, further helping speed up the process.