Rate/Term Refinance
A rate/term refinance is the replacing of an existing mortgage with one having a better rate and/or terms although the loan amount is close to that of the loan being refinanced.
A rate-term refinance may be done to:
- obtain a lower interest rate
- extend the repayment time
- to reduce or alter risk such as by refinancing from a adjustable-rate to a fixed-rate loan
An example of a rate-term refinance would be a borrower taking advantage of an improved credit score to obtain a new lower rate mortgage for approximately the same dollar amount as the orginal mortgage.
Early Payment
Most of our mortgages are available without pre-payment penalty meaning you can pay ahead of schedule as extra funds are available
Closing Costs
A no closing cost option is available to roll closing costs into the loan and keep you from having to pay closing costs up front.