A rate and term refinance also known as a “regular refinance” can serve several purposes by allowing homeowners to change the terms of their existing mortgage by paying if off and replacing with a more favorable mortgage.  The team at Integrated Lending group has successfully helped hundreds of California homeowners refinance their homes!

  1. Lower your rate for a lower payment for increased monthly cash flow.  If current rates are lower than your rate, then you may qualify for a refinance.  .125% less in rate could save you thousands over the term of the mortgage.
  2. Shorten the term of of your loan to pay off your mortgage sooner.   By going into a lower term mortgage your payment typically goes up, however the trade off is payoff sooner and pay less interest over the term of the new mortgage.
  3. Switch from an adjustable rate to a fixed rate.  This is useful as it eliminates the variability of an adjustable rate mortgage by locking in the rate for the term of the new mortgage.
  4. Refinance from FHA to Conventional for a lower payment.  With meeting qualifying criteria and with increases in value, you could refinance out of FHA and lower your payment by eliminating the FHA mandatory PMI.

Qualifying for a rate and term refinance:

  • Typically a 620 or higher credit score
  • A debt ratio of 50% or less based on gross income
  • A Loan To Value (LTV) of up to 95% upon completion of the Refinance

Documents Typically needed for a rate and term refinance:

  • Your most recent W2 form
  • One month paycheck stubs
  • Two most recent bank statements
  • If you’re self employed, tax returns and some business information may also be needed

With today’s technology and automation sometimes these typical documents are no longer needed.  Your Integrated Lending Group mortgage loan professional will guide you to make the process as efficient and transparent as possible.

David L.
David L.SoCal, CA Read More
“Professional, knowledgeable and effective. I had an OUTSTANDING EXPERIENCE working with Anthony to refinance my home. If you want someone with industry experience and INTEGRITY, use Anthony.”
Demetrius W.
Demetrius W.Los Angeles, CA Read More
“Nick is the BEST LOAN OFFICER I’ve ever had the pleasure of working with. He was HONEST, ACCURATE and timely. I would recommend Nick to anyone with lending needs!”
Mike J.
Mike J.Mission Viejo, CA Read More
“If you want to refinance, Nick is your man! Have a question? He has ANSWERS. Have a problem? He has SOLUTIONS! He totally works around your schedule and is available practically all the time. Go with Nick. You will not be disappointed!”

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