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?


Better Interest Rate

A rate and term refinance allows for reduced interest rates. Your loan is refinanced into a mortgage loan which insures that you will receive the lowest interest rate available to you.


Lower Monthly Payments

Because you are essentially starting your mortgage over, you will add some years to your loan term, but lower your monthly payments.


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.


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:


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.


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.


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


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. I’m always monitoring market conditions and keeping an eye out for ways to save you money. If you think your equity situation may have changed and would like to discuss your loan options, don’t hesitate to call or email me. I love hearing from my clients!

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?