Mortgage Glossary
Rate-and-Term Refinance
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A rate-and-term refinance replaces your existing mortgage to change the rate, the term, or both, without taking cash out.
What Rate-and-Term Refinance means
The goal is a lower payment, a shorter payoff, or switching from an ARM to a fixed rate. Without cash out, these refinances often price better than cash-out loans.
Florida example
A Florida homeowner refinances a 7.5% loan into a 6.5% rate-and-term loan, cutting the payment by about $230 a month. They keep the same balance and simply improve the terms.
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