What Is a Rate and Term Loan? (Explained Simply)

Описание: 🌟What Is a Rate and Term Loan? (Explained Simply)

Not all refinances are about pulling cash out of your home. Sometimes the smartest move is simply improving the terms of your mortgage — and that’s exactly what a rate and term loan is designed to do.

In this video, I break down what a rate and term loan is, how it works, and when it makes sense to use one. If you’re looking to lower your interest rate, reduce your monthly payment, change your loan term, or switch from an adjustable rate to a fixed rate, this is a refinance strategy you should understand.

In this video, you’ll learn:

🏡 What a rate and term refinance actually is
📉 How it can lower your interest rate or monthly payment
📆 How changing your loan term impacts long-term savings
⚖️ The difference between a rate and term loan and a cash-out refinance
🧠 When this type of refinance makes sense — and when it doesn’t

A rate and term loan isn’t about taking money out — it’s about putting yourself in a better financial position over time.

Kris McCullough
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Patriot Pacific Financial Corp
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