Rate And Term Refinance
A rate and term refinance is the refinance of only the balance you owe on other existing mortgage(s) on the subject property. This can include “rolling in” the closing costs and establishment of a new escrow account. You cannot receive any significant amount of cash out or pay off other debts with this type of transaction. This is a good way to shorten your term, get a lower interest rate and payment, remove Mortgage Insurance, to turn an Adjustable Rate Mortgage into a fixed period mortgage, or consolidate a first and second mortgage used to purchase the home into one low fixed rate loan. If your loan is held by Fannie Mae, Freddie Mac, FHA, VA, Ginnie Mae we may be able to streamline your loan and offer you reduced documentation requirements. There is also the possibility of waiving a new appraisal and we can allow debt ratios up to 65% on some products!
You could save thousands a year just by getting a lower rate. Most of our customers are able to realize tens of thousands of dollars in savings. Some individuals clear $100,000 or more over the life of the loan in savings! With rates near all time lows you owe it to yourself to act now. Most of the time you are able to skip a payment or two and pay off property taxes. There is no cost or obligation to find out how much you can save. In fact we will pay for your credit report upfront for you if you call us from the mail piece we sent you and provide you a free written report of what we can do to help.