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:

• Obtain a lower interest rate / payment         

• Reduce or eliminate mortgage insurance

• Remove Borrower's from title

Rate / Term refinances come in two forms:

• Standard Refinances which require a Consumer to requalify for the new loan         

• Streamline Refinances which do not require a Consumer to requalify for the new loan.