Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.


Rate and Term Refinance

A rate and term refinance is when a borrower refinances to lower the interest rate and/or term of their current mortgage.

Generally speaking, a rate and term refinance poses less risk to the lender so may be easier to qualify for than a cash out refinance.

Lenders sometimes give borrowers lower rates when they only do rate and term refinance. Cash-out refinances are considered riskier loans so some lenders add onto the base rate to compensate for this risk.

Sometimes it is possible to do a rate and term refinance on your first mortgage and then a cash out loan on the second mortgage. These can be done at the same time. Doing a rate and term refinance on the first will get you a lower rate.

Rate and term refinances can also include paying property taxes that are due without being classified as a cash out transaction.

Usually people do a rate and term refinance because they want to lower their monthly mortgage payments. Having a lower interest rate, and spreading your payments out over a longer period of time, equates to paying less each month.

Most lenders will allow a maximum of $2,000 to the borrower when doing a rate and term refinance. Anything over that $2,000 number, and it is considered a cash-out refinance.

A rate and term refinance would not include a debt consolidation refinance or a cash out refinance.


If you have any questions regarding our products, you can contact us by calling or e-mailing us and we'll get back to you as soon as possible. Thanks!



City, State, Zip Code:



Please confirm your e-Mail:

How did you find our website?


Map and Directions

Information listed above is to be used for educational purposes only and is not guaranteed

Home | Sitemap | Contact Us | Links | Services | News | About Us | Ohio | Florida | Refinance | Purchases | Blog | Fixed Rates | Down Payment | CreditPrivacy Policy


Loan Officer | Cant afford minimum credit card payments | Consolidating Debt - Refinance or 2nd Mortgage | Pros and Cons Of An Pay Option Arm