Life happens, the unexpected happens. It can be difficult to predict life’s hurdles that inevitably come our way. If you’re having trouble paying your mortgage and you’ve been looking to take advantage on the rate change since buying your home than consider a rate and term refinance. This can bring your interest rate down and reduce your monthly payment.
Maybe you aren’t happy with the terms of your loan and you’d like to make some changes. A rate and term refinance s a kind of refinance that allows you to change the terms of your current loan and receive terms that suit you better. You may get a loan, pay off your current or past mortgage and then make payments towards a new loan when you refinance. Some other notable benefits of a rate and term refinance is that you may get more or less time to pay off your loan, a different monthly payment or a lower interest rate. You may hear rate and term finance refereed to as a regular refinance by other lenders.
– Getting a lower rate: Are interest rates today lower than when you originally received your loan? Check and see if your eligibility allows you to get a lower rate. Has your credit score improved? You may be eligible for a lower interest rate than when you received your original mortgage. An interest rate that’s even a fraction smaller can make a huge impact over the course of the loan. You also may want to look into refinancing if you are able to get a lower interest rate.
Monthly Market Update – Sept, 2022
