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When opting for a mortgage refinance, you're essentially acquiring a new loan with revised terms to settle the original one. Among the various types of refinance loans available, a rate and term refinance—also recognized as a traditional or no cash-out refinance—offers the flexibility to adjust the interest rate and loan term without altering the principal balance.
Homeowners typically pursue a rate and term refinance to accomplish various objectives:
Exploring a rate and term refinance empowers homeowners with the opportunity to optimize their mortgage terms and financial circumstances.
Exploring a rate and term refinance can provide several benefits, assisting you in:
Opting for rate and term refinancing proves beneficial for homeowners aiming to capitalize on reduced interest rates without requiring additional funds at closing. According to mortgage data firm Black Knight, pursuing a refinance becomes advantageous when you can trim a minimum of 0.75% off your original interest rate or decrease your monthly payment.
However, it's not solely about the shift in your monthly payment. Refinancing a home incurs costs, usually totaling around $5,000. Thus, it becomes essential to calculate your break-even point before proceeding with the decision.