Shorten My Loan Term
Save on interest and build equity
Own Your Home Faster with a Reduction Refinance
Dreaming of being mortgage-free sooner? Want to save thousands on interest payments? A shorter loan term with Reduction Refinance could be the key.
At PHH, we understand that your financial goals are unique. That's why we offer Rapid Refi, a smart refinancing option designed to help you pay off your mortgage faster and build equity more quickly.
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What is Term Reduction Refinance?
A term reduction refinance is simply refinancing your existing mortgage into a loan with a shorter term. While this might mean slightly higher monthly payments compared to a longer-term loan, the long-term benefits can be substantial.
Here's how a Rapid Refi can benefit you:
- Own Your Home Faster: By choosing a shorter loan term (e.g., 15 years instead of 30), you significantly reduce the time it takes to pay off your mortgage. Imagine the peace of mind that comes with owning your home outright sooner!
- Save On Interest: Over the life of a longer-term loan, you pay a significant amount of interest. With a Rapid Refi and its shorter term, you'll pay considerably less interest in total, saving you thousands of rupees.
- Grow Your Equity: Because you're making more principal payments with a shorter loan term, you build equity in your home at a faster rate. This increased equity can provide greater financial security and open future opportunities.
Is a Term Reduction Refinance right for You?
A term reduction refi is an excellent option if:
- You have a stable income and can comfortably afford slightly higher monthly payments.
- Your primary financial goal is to pay off your mortgage quickly and save on interest.
- You want to build equity in your home faster.
- Potential Considerations:
- Potentially Higher Monthly Payments: Shorter loan terms typically result in higher monthly payments. It's crucial to assess your budget to ensure you can manage this increase.
- Potentially Higher Interest Rate: While not always the case, shorter-term loans can sometimes have slightly higher interest rates than longer-term loans. However, the overall interest paid is still significantly lower due to the shorter term.
Ready to Explore Your Reduction Refinance Options?
Our experienced mortgage professionals at are here to help you understand if a Reduction Refinance is the right choice for your financial situation. We'll walk you through the process, answer your questions, and help you find the best refinancing solution to meet your goals.
Take the first step towards owning your home faster and saving on interest. Contact us today for a free consultation!
Tools & Resources
By paying off your mortgage more quickly you could save thousands over the life of your loan. Use our tools to see if it's the right choice for you.
