Interest rates are a constantly moving target. Rates
are affected by the economy, political environment and
outlook of the financial markets. As rates change, you
may be able to refinance your existing mortgage to take
advantage of lower rates. You may also be able to extend
or shorten the term of your mortgage. Rate-Term refinances
generally do not require any out of pocket costs since
any closing costs may be rolled into the new mortgage.
You may have an adjustable rate mortgage (ARM) in which
the interest rate could increase during the life of
the loan. Rate-Term refinances can be used to lock your
rate and payments for the duration of the loan.