High Contrast:
Get Started Contact Us

Rate/Term Refinance Loan

A rate and term refinance allows you to change your interest rate or your loan term. When interest rates drop, it's a good idea to look into a rate and term refinance loan to see if you could lower your own interest rate or reduce the time left on your mortgage loan. Both Conventional and FHA loans can be refinanced this way.

Why a Rate/Term Refinance Loan?

Icon

Interest Rate

A rate/term refinance allows you to refinance your mortgage using the current interest rate. Depending on what your original interest rate was, this could mean a lower rate and a monthly savings for you.

Icon

Lower Monthly Payments

In some instances, you may be able to lower your monthly payment by refinancing the remaining years of your mortgage into a longer loan term.

Icon

New Mortgage Repayment Schedule

With a rate and term refinance loan, you will be able to negotiate a different mortgage loan term. You can add years to your mortgage or take them off.

Icon

Years Off Your Mortgage

With this refinance loan, you may be able to take several years off their mortgage term by negotiating for a 15 year mortgage.

Mother twirling daughter in their kitchen

Steps to a Rate/Term Refinance Loan:

01

Get Pre-Approved.

Ruoff's mobile app, Loan Butler, can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.

02

Speak with a Loan Officer.

Lock in your mortgage rate early and stay in the loop. Your Ruoff Mortgage Loan Officer will keep you and your agent updated every step of the way with our Milestone Updates.

03

Clear to close.

Thanks to Ruoff's Digital Closing Experience, you'll only spend 10 minutes with your loan officer and agent finalizing the purchase at closing.

I'm Interested in a Rate/Term Refinance Loan!

Get Started

FAQs

How do I know if it’s time to refinance my home?

Refinancing depends on your unique situation as it compares to the constantly changing mortgage market.

What does Refinancing mean?

Paying off one loan by obtaining another; homeowners can refinance to secure better loan terms or a lower interest rate.

When can I refinance my home?

You can usually refinance once you have owned the home at least 6 months. Sometimes a longer period is required.

Ready to get started with a Rate/Term Refinance loan?