Rate / Term Refinances

Rate / Term Refinances

 

Rate / Term refinances are refinances where a Consumer obtains a new loan that pays off their existing loan without receiving any cash back from the equity in their home.  Consumers apply for Rate / Term refinances to:
  • Obtain a lower interest rate / payment         
  • Reduce or eliminate mortgage insurance
  • Remove Borrower's from title
 
Rate / Term refinances come in two forms:
  • Standard Refinances which require a Consumer to requalify for the new loan         
  • Streamline Refinances which do not require a Consumer to requalify for the new loan.