What is a Rate and Term Refinance and is it Right for Me?
A rate and term refinance is a powerful tool for homeowners looking to adjust the interest rate, or loan term of their current mortgage without changing the loan amount. This type of refinance is a great way to secure a lower interest rate, reduce monthly payments, or change the length of your loan to better suit your financial goals.
Deciding if a rate and term refinance is right for you depends on several factors, including your current interest rate, how long you plan to stay in your home, your credit score, and your financial objectives. If interest rates have dropped since you secured your original mortgage, or if your credit situation has improved, a rate and term refinance could offer significant financial benefits.
Remember to consider the costs associated with refinancing and how long it will take to recoup those expenses through your new mortgage terms.
NIHFCU’s home loan specialists are here to help you with the information and support you need to make the best mortgage decision.
Rates, fees and terms as of April 27, 2024 and subject to change without notice
