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A rate and term refinance allows you to change your interest rate or your loan term. When interest rates drop, it's a good idea to look into a rate and term refinance loan to see if you could lower your own interest rate or reduce the time left on your mortgage loan. Both Conventional and FHA loans can be refinanced this way.
A rate and term refinance allows for reduced interest rates. Your loan is refinanced into a mortgage loan which insures that you will receive the lowest interest rate available to you.
Because you are essentially starting your mortgage over, you will add some years to your loan term, but lower your monthly payments.
With a rate and term refinance loan, you will be able to negotiate a different mortgage loan term. You can add years to your mortgage or take them off.
With this refinance loan, you may be able to take several years off their mortgage term by negotiating for a 15 year mortgage.
Ruoff's mobile app, Loan Butler, can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.
Lock in your mortgage rate early and stay in the loop. Your Ruoff Home Mortgage Loan Officer will keep you and your agent updated every step of the way with our Milestone Updates.
Thanks to Ruoff's Digital Closing Experience, you'll only spend 10 minutes with your loan officer and agent finalizing the purchase at closing.
Refinancing depends on your unique situation as it compares to the constantly changing mortgage market. I’m always monitoring market conditions and keeping an eye out for ways to save you money. If you think your equity situation may have changed and would like to discuss your loan options, don’t hesitate to call or email me. I love hearing from my clients!
Paying off one loan by obtaining another; homeowners can refinance to secure better loan terms or a lower interest rate.
You can usually refinance once you have owned the home at least 6 months. Sometimes a longer period is required.