Rate-and-Term Refinance
As a homeowner, you may qualify for several benefits that can yield substantial savings when you refinance your home. Refinancing may allow you to lower your monthly mortgage payments and keep more of your money in your pocket.What you need to know about refinancing
Refinancing your home with a rate-and-term loan is when you replace your current mortgage with a new home loan. This new mortgage will come with different terms, a new interest rate, and a new monthly mortgage payment that is typically more affordable in the long run. Homeowners often look into this option when there is a drop in market interest rates to lower their monthly mortgage payments. Or, maybe you're looking to set a shorter or longer term for your loan.There are also specific refinance options available for FHA loans, VA loans and USDA mortgages. Talk to a Certainty Home Loans Loan Officer to evaluate your mortgage refinance options and find the best possible solution for your short and long-term financial goals.
*Certainty Home Loans is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government.
Lower your monthly mortgage payment
Reduce the term of your mortgage
Change your rate from an adjustable-rate mortgage to a fixed-rate, or vice versa
Eliminate private mortgage insurance
Have refinance questions? We can help.
The first step in securing a loan is to complete an initial loan application. The initial application interview is the key to the loan process going smoothly and closing on time. After you have signed and returned the Intent to Proceed disclosure, your loan officer will obtain all pertinent documentation from you, so as to avoid unnecessary problems and delays. Additional documentation is often required as your lender moves forward in the process. The extent of additional documentation will be determined largely by your past history and credit record. During the application process, the lender will order a credit report from a credit reporting agency and a professional appraisal of the property you want to purchase.
If interest rates drop significantly, you may want to investigate refinancing. Most experts agree that if you plan to be in your house for at least 18 months and you can get a rate less than your current one, refinancing is smart if you do not pay more in fees than you will save in the time you will live in the house.
The qualification requirements for a refinance can vary depending on what mortgage you have. Generally, your name must be on the title of the home for a minimum length of time and your credit score must fall within the required guidelines.
If you have questions about whether you can benefit from a refinance, speaking with a local Loan Officer is a great place to start.
If you have questions about whether you can benefit from a refinance, speaking with a local Loan Officer is a great place to start.
Homeowners rarely need to make a down payment when they refinance their home loan. However, there are still closing costs involved in refinancing that may require you to bring some cash to the closing table. Connecting with a local Loan Officer to discuss your specific situation and goals is a great place to start.
As a homeowner, you may qualify for several benefits that can yield substantial savings when you refinance your home. Refinancing may allow you to tap into some of your home's value, helping you to make the most of your finances.
- Update the duration of your mortgage
- Lower your monthly mortgage payments
- Switch from an adjustable-rate mortgage to a fixed-rate mortgage
- Combine your first and second mortgage into one loan with one payment
- Eliminate private mortgage insurance
- Obtain investment property capital
- Fund a retirement account
- Establish a college fund for your children
- Remodel or renovate your home