Your life has changed since you bought your home, and your mortgage should, too.
A rate-and-term refinance allows you to replace your current mortgage with a new loan of the same amount that better suits your current goals, usually with a lower interest rate or better terms.
Understand Your Options
To improve your current mortgage, you need to understand when refinancing makes sense and find the right loan for you. We empower you with the necessary information so you can move in the right direction.
Work With an Expert
We know refinancing and the ins and outs of Seattle’s housing market. If you’re looking for someone who can answer all your questions, including the ones you haven’t thought of, you’re in the right place.
Get a Better Interest Rate
The principal reason that people pursue a rate-and-term refinance is to get a lower interest rate, which will lower your payment each month. You may want to take advantage of drops in current interest rates.
Switch From an Adjustable-Rate Mortgage to a Fixed-Rate Mortgage
Many homebuyers choose adjustable-rate mortgages (ARMs) for their first home loans because of their initial lower interest rates. This allows buyers to purchase homes that would have higher initial monthly costs compared to a fixed-rate mortgage (FRM).
At some point, however, the interest rates for ARMs “adjust” — potentially to higher rates with higher monthly payments. Refinancing to an FRM allows homeowners to enjoy peace of mind knowing that their rates won’t change in the future.
Pay Off Your Loan Sooner
Refinancing offers a couple of options to help you pay off your loan sooner.
If you are able to get a lower interest rate, you’ll be paying less in interest monthly and will have more cash to put toward the loan principal. This often enables you to pay off the remaining balance sooner.
When refinancing, you may also have the option of switching from a 30-year loan to a 15-year loan. Whereas higher monthly payments are the downside of a shorter loan, the upside is the ability to build equity and pay off your loan more quickly.
A Personalized Refinance
You’ve been through the mortgage application process before, but you could still use a little help. Seattle Mortgage Planners understands this, which is why we offer more hands-on guidance than you can expect from the average bank. Reach out to Jim to discuss your questions or concerns at any time, including evenings and weekends — he’s always working tirelessly to find you the best rate-and-term refinance loan.
Intelligent Strategy for Improved Finances
Improving your loan requires some tactical considerations, but most homeowners don’t know where to start. Seattle’s expensive housing market further complicates the matter, since small differences in rate, which normally wouldn’t be worthwhile, often justify a refinance here.
Seattle Mortgage Planners can walk you through the necessary considerations, such as whether you should spend more to get a lower rate and whether an adjustable-rate mortgage or fixed-rate mortgage makes the most sense.
Payoff Without the Pain
Improving your financial situation doesn’t have to worsen your quality of life. Our goal is to find you the right rate-and-term refinance loan and to make the process as easy on you as possible. We do this by explaining what you can expect, helping you gather supporting documentation, and providing worry-free financing backed by 15+ lenders and a secure funding infrastructure. We’ll also vigilantly shop the always-changing rates and be ready to act when the numbers are right, so you can focus on more important things.