Rate & Term Refinance

Rate & Term Refinance is a mortgage refinancing option allowing homeowners to adjust the interest rate and term of their existing mortgage. It's an excellent way to reduce monthly payments or shorten the loan term.

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Benefits

  • Lower monthly payments with reduced interest rates.
  • Shorten the mortgage term.
  • Convert from an adjustable-rate to a fixed-rate mortgage
  • Streamline the refinancing process.

Eligibility/Requirements

  • Good credit score (exact score depends on the lender).
  • Stable employment and income.
  • Home equity (the more, the better).
  • DTI ratio within lender’s guidelines.

Here’s an example

Sarah and Mike decide to refinance their 30-year mortgage to a 15-year term with Hometown Mortgage. They secure a lower interest rate, which not only reduces their monthly payments but also allows them to pay off their home faster.

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Every situation is unique and our team is committed to finding the perfect solution to fit your needs

Fast loan approvals, starting with a soft pull on credit.
Multiple loan options to fit your needs.
Local team with unmatched communication making this the most enjoyable home buying experience possible!