What is a rate-and-term refinancing?

A rate-and-term refinancing is shorthand for a new loan that will replace the current loan only (i.e., it will adjust the rate and term of the loan). A rate-and-term refinancing means that the borrower is no or very little cash out at closing. Rate-and-term refinancings can usually cover closing costs, although this varies by capital source.

Also referred to as: rate-and-term refi

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