Lower Monthly Payments
Save hundreds of dollars every month by securing a lower interest rate through rate and term refinance.
Pay Off Your Mortgage Years Faster
Cut several years off your mortgage term, allowing you to achieve debt-free homeownership sooner.
Lock in Long-Term Savings
Switch to a fixed-rate mortgage to ensure rate stability and potentially save tens of thousands in interest payments over the life of your loan.
Make Rate and Term Refinance Work Smarter for You
Rate and Term Refinance Calculator
Elevate your financial well-being in seconds and uncover potential savings with precision at your fingertips.
Streamline Your Rate and Term Refinance with This Handy Checklist!
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Eligibility Test
Here’s what you’ll need for a quick Rate and Term Refinance approval.
A minimum of 20% home equity is typically required.
An essential requirement is a good credit score, often at 620 or higher.
Maintain a debt-to-income ratio (DTI) of 43% or lower.
Demonstrate a stable and adequate income to cover loan repayment.
Loan-to-Value (LTV) ratios set limits often at 80%.
A professional property appraisal is a necessary step in the process.
Get answers to all your questions here
Can I refinance any type of loan?
Refinancing is commonly associated with mortgage loans, but it can also apply to other types of loans such as auto loans, personal loans, or student loans. Refinancing a particular loan depends on the lender's policies, your financial situation, and the specific terms of the loan agreement.
What are the potential benefits of refinancing a mortgage?
There are different potential benefits while refinancing a mortgage. It helps you to secure a lower interest rate, resulting in reduced monthly payments and potential long-term savings on interest. Refinancing can also provide an opportunity to access your home's equity, consolidate debt, or adjust the loan term to align with your financial goals.
When is the right time to refinance a mortgage?
The right time to refinance a mortgage depends on various factors, like the current interest rates, your financial goals, and how long you plan to stay in the home. Generally, it's recommended to consider refinancing when interest rates are lower than your current rate or when it aligns with your financial objectives, such as reducing monthly payments or paying off the loan faster.
Can I refinance if I have a low credit score?
A low credit score can limit your refinancing options, as lenders generally consider creditworthiness when approving loans. Fortunately, there are lenders who specialize in refinancing for individuals with lower credit scores or offer programs specifically designed for credit-challenged borrowers. It's advisable to research and compare options from different lenders to find one that suits your situation.
How long does the refinancing process typically take?
The duration of a refinancing process can vary, but it generally takes anywhere from 30 to 45 days. The timeline can be influenced by factors such as the complexity of the loan, the lender's workload, and the efficiency of document gathering and processing. You can benefit if you start the process in advance and provide the necessary documentation promptly.
Can I refinance if I have a second mortgage or home equity loan?
Yes, it is possible to refinance if you have a second mortgage or home equity loan. The process can be more complex, as the new refinanced loan will need to consider the existing liens on the property. The lender will coordinate with the holders of the second mortgage or home equity loan to determine how the refinancing will impact those loans.
Can I refinance if I have negative equity (underwater mortgage)?
Refinancing with negative equity, also known as an underwater mortgage, can be challenging. If the current market value of your home is lower than the outstanding loan balance, lenders may delay approving a refinance. However, there are government programs, such as the Home Affordable Refinance Program (HARP), designed to assist homeowners with negative equity in certain situations. It's advisable to explore these programs and discuss your options with lenders.
Will refinancing affect my credit score?
Refinancing can have a temporary impact on your credit score. When you apply for a refinancing loan, the lender will typically conduct a credit inquiry, which can result in a small, temporary decrease in your credit score. This can be rectified quickly as you make timely payments on the new loan, resulting in a positive long-term impact on your credit by demonstrating responsible credit management.
Can I refinance if I recently changed jobs or experienced a decrease in income?
Your ability to refinance will get affected if you recently changed jobs or experienced a decrease in income. Lenders typically assess your income stability and ability to repay the loan. However, if you have a stable employment history, sufficient income, and meet the lender's requirements, you may still be eligible to refinance. It's advisable to consult with lenders to discuss your personal situation and explore available options.
Can I refinance multiple times?
Yes, you can refinance multiple times. There is no specific limit on the number of times you can refinance, but it's important to consider the costs, benefits, and potential impact on your long-term financial goals. Each of your refinancing should be evaluated based on your individual circumstances and the prevailing market conditions.
Customer Reviews
Jennifer White
San Francisco, CA
Your fha rate and term refinance service have truly transformed my financial situation. The process was seamless, and your team's guidance was invaluable. I'm now enjoying lower monthly payments and a brighter financial future. Thank you!
Robert Turner
Houston, TX
I am extremely impressed with your refinancing service. Your team's expertise and dedication made the process a breeze. Thanks to your efforts, I'm saving money and feeling much more secure about my finances.
Megan Adams
Boston, MA
Your rate and term refinancing service exceeded my expectations. The professionalism and commitment your team demonstrated throughout the process were outstanding. I'm now on a better financial path, and I'll definitely recommend your services to others.
Daniel Mitchell
Seattle, WA
I can't thank your team enough for the exceptional service. You simplified a complex process and helped me secure a more affordable mortgage. I have peace of mind and confidence in my financial future.
Laura Baker
Denver, CO
I'm thrilled with the service I received. Your team's guidance was invaluable, and they ensured I fully understood my options. Now, I have a more manageable mortgage and a brighter financial outlook.
Brian Foster
Atlanta, GA
Your rate and term option service are unparalleled. Your team's expertise and commitment to customer satisfaction are commendable. Thanks to your assistance, I'm saving money and confidently recommend your services to anyone considering a refinance.
