Rate & Term Refinance
Securing a lower interest rate & a more favorable term on the mortgage
A Rate & Term Refinance is a mortgage refinancing option where the existing loan amount does not change, but the interest rate and/or term of the loan changes.
People typically apply for a Rate & Term Refinance to either save money or build equity in their homes.
*Interest rates are subject to change. Refinancing to a higher interest rate is generally not advised. Consult a Loan Originator to determine at what rate(s) you would begin to save money.