Rate & Term Refinance
What
is Rate & Term Finance? As the name
implies, the purpose is to reduce the interest rate,
payment, and / or overall term of the mortgage without
advancing new money on the loan.
Are you looking to reduce your interest rate and monthly
payment on your mortgage? Would you like to reduce your
loan term, replace an adjustable rate mortgage loan
(ARM) with a fixed rate loan (or vice versa)? We have
a wide range of options for you to choose from at LowerMyDebtAmerica.
Refinance your home through rate and term financing?
If you are contemplating about refinancing your home,
you should also take into consideration the interest
rate, market condition and existing mortgage balance.
If you decide to refinance your home, you can take advantage
of any or all of the following benefits:
- Reduce your monthly payments with a lower interest
rate
- Lock in a fixed term interest rate from an adjustable
rate mortgage or vice versa
- Reduce the term of your loan
- Refinance the existing balance if you have made
a large principal reduction
- Tax deductions
- Paying-off high-interest rate credit cards and loans
Usually a borrower will look for a rate and term refinance
if their current mortgage is an adjustable-rate mortgage
(ARM) and the fixed period is due to expire. There will
be closing costs associated with the new mortgage, the
lower rate and improved terms will eventually offset
these costs and benefit the borrower in the long run.
An example would be a 3yr ARM. The first three years
are fixed, and then the mortgage becomes adjustable
according to the margin and index sociated with the
loan.
Click
here to apply
