A process by which a borrower can obtain a lower interest rate or more beneficial terms on a mortgage loan.
A rate and term refinance is a process by which a borrower can obtain a lower interest rate or more beneficial terms on a mortgage. With a rate and term refinance, the new loan must provide a benefit to the borrower and typically matches the balance of their current loan.
The benefit to the borrower may be in a lower monthly payment or better loan terms (such as the elimination of a balloon payment or adjustable rate feature). See No-Cost Refinance.
JVM monitors all our closed files and will reach out to previous borrowers with offers to refinance as applicable.