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:
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Obtain a lower interest rate / payment
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Reduce or eliminate mortgage insurance
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Remove Borrower's from title
Rate / Term refinances come in two forms:
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Standard Refinances which require a Consumer to requalify for the new loan
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Streamline Refinances which do not require a Consumer to requalify for the new loan.![](/img/site_images/11321.png?v=0b520213)
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