Rate & Term Refinance

Just as is sounds! A rate and term refinance transaction happens when a new mortgage is written to replace your existing mortgage and the only two items that change are the interest rate and the amortization term of the loan. This type of loan applies to conventional, jumbo, FHA and VA financing. 

What are the benefits?

This type of transaction differs from other types of loans because the overall principle balance of the mortgage loan does NOT increase. The existing mortgage loan is paid off by a new mortgage loan that has a new interest rate and a new amortization schedule. The terms of the loans typically are more favorable than a Cash Out loan where your new mortgage balance is higher than your existing mortgage resulting in monies back you at closing.

How can we help?

The Local Lenders are here to be a resource and help guide your decision making based on the best possible loan and scenario for your individual situation.

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