Shorten My Loan Term
Save on interest and build equity
Own Your Home Faster with a Term Reduction Refinance
Want to pay off your mortgage sooner and save thousands on interest? A shorter loan term through a term reduction refinance can help you get there.
At Onity, 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.
What is a Term Reduction Refinance?
A term reduction refinance replaces your current mortgage with a shorter loan term, which could help you:
Own Your Home Faster
Move closer to full homeownership by refinancing into a shorter loan term and paying off your mortgage sooner.
Save On Interest
While your monthly payment may be higher, you could pay considerably less in long-term interest costs.
Grow Your Equity
Build equity in your home at a faster rate as more of each payment goes toward your home's value.
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.
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