Rate & Terms Loans
Is a rate and term refinance right for you?
Rate and term refinance loans allow homeowners to replace their existing mortgage with a new one that offers a better interest rate, a different loan duration, or both—without taking cash out. This strategic financial move is entirely focused on improving your current mortgage structure to save you money. Are you an existing homeowner looking to lower your monthly payments, pay off your home faster, or switch from a fluctuating adjustable rate to a stable fixed rate? You may be eligible for a rate and term refinance!
Benefits of a rate and term refinance
- Lower monthly payments: Secure a lower interest rate to reduce your monthly mortgage obligation and free up your everyday cash flow.
- Pay off your home faster: Shorten your mortgage term (for example, switching from a 30-year to a 15-year loan) to build equity much quicker and save tens of thousands of dollars in lifetime interest.
- Predictable stability: Switch from an unpredictable Adjustable-Rate Mortgage (ARM) to a Fixed-Rate Mortgage so you never have to worry about your payments suddenly increasing.
- Remove mortgage insurance: If your home’s value has increased significantly since you bought it, refinancing could help you drop costly Private Mortgage Insurance (PMI) premiums.
Rate and term refinance eligibility requirements
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An existing mortgage with a solid, on-time payment history
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Satisfactory credit score (often easier to qualify for than cash-out options)
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Verifiable income and stable employment history
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A minimum amount of home equity (typically around 3% to 5%, depending on the loan program)
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