Loan Reset Promise™
Want a lower monthly mortgage payment without having to refinance? Consider a Loan Reset.
-$5,000.00 or more needs to be applied to your existing loan balance.
-$150.00 processing fee paid to the loan servicing department.
Your loan will reset to your original loan term, the interest rate on your loan will stay the same, and the new monthly principal and interest payment will be calculated off of the reduced balance. You may pay more in interest over the life of the loan by having the term reset to the original repayment period. If your original loan had monthly mortgage insurance, then you will need to pay the mortgage insurance for 24 months before it will be removed. The Loan Reset typically takes 45-60 days to complete. Only available on conventional loans. Subject to availability and dependent on borrowers current loan servicing company acceptance. Borrower needs to be current and in good standing with their loan servicing company. Additional terms and restrictions may apply.