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Refinance & Home Equity

Rate & Term Refinance

Lower your rate or change your term, no cash out.

Overview

A rate and term refinance replaces your current mortgage with a new loan for about the same balance, to lower your interest rate, reduce your monthly payment, shorten your term, or move from an adjustable rate to a fixed rate. No equity is taken out.

Ideal For

Homeowners who want a lower rate or payment, a shorter term, or a fixed rate without borrowing more.

Program Highlights

  • ✓New loan pays off your existing mortgage and closing costs only
  • ✓Lower your rate, cut your payment, or pay off sooner with a 15- or 20-year term
  • ✓Switch from an adjustable-rate mortgage to a fixed rate
  • ✓Can remove FHA mortgage insurance when refinancing to conventional with enough equity

Program terms and eligibility are subject to underwriting guidelines and may vary. 1st 2nd Mortgage Co. of N.J., Inc. is licensed in DE, VA. NMLS # 115981.