Buy with confidence, or reshape the loan you already have.
Explore purchase financing and rate-and-term refinance options focused on structure rather than taking cash out. Available options are subject to application review, verification, lender guidelines and underwriting approval.
(938) 201-5656Program availability and eligibility depend on borrower profile, property, credit, income, equity, documentation, lender guidelines, and underwriting approval. This is not a commitment to lend or extend credit. Uptiq Premier Mortgage, LLC | NMLS 2362651. Equal Housing Opportunity.
Quick program summary
Purchase and rate-and-term refinance covers standard home financing and refinances undertaken to change the rate, term or structure of an existing loan without drawing equity as cash.
- Purchase financing for eligible primary, second home and investment properties
- Rate-and-term refinance to change rate, term or loan structure
- Not a cash-out product; proceeds are not returned to the borrower
- Conventional, government-backed, jumbo and non-QM paths may apply
- Existing closing costs may be financed on some programs
What is purchase & rate-term refinance?
This category covers two of the most common transactions in mortgage lending: buying a property, and refinancing an existing loan for reasons other than pulling out cash.
A rate-and-term refinance is defined by what it does not do. It pays off the existing loan and adjusts rate, term or structure, but does not return equity to you as proceeds, which keeps it in a different guideline bucket than cash-out.
Transactions commonly considered include first-time and move-up purchases, second home and investment purchases, refinances to shorten or extend a term, and moves from an adjustable to a fixed structure.
Before requesting a review, it helps to know your current rate, balance and term if refinancing, or your target price range and timeline if purchasing.
Who may want to explore it?
May be worth exploring for a first purchase or a move to a new home
Could be considered to move from an adjustable rate into a fixed structure
Options may be available to shorten the remaining term on an existing loan
May fit borrowers seeking to remove mortgage insurance where equity supports it
Could be considered when consolidating a first and a second lien without taking cash
What this program may offer.
Both standard home purchases and non-cash-out refinances are reviewed here.
Change the rate, term or loan type without drawing equity as cash.
Conventional, FHA, VA, USDA, jumbo and non-QM options may each be compared.
Where equity supports it, a refinance may remove or reduce a mortgage insurance obligation.
Shorter or longer terms can be evaluated against payment and total-interest goals.
UPM shops the structure across our lender network rather than a single institution's pricing.
Important considerations
- Closing costs apply and are weighed against the benefit of the change.
- Resetting the term can change total interest paid even when the payment drops.
- Rate-and-term refinances do not return equity as proceeds by definition.
- Appraisal results affect available options and pricing.
- Consolidating a second lien may be treated as cash-out on some programs.
Options we can review
- Primary residence purchase
- Second home and investment property purchase
- Rate-and-term refinance to a fixed structure
- Term reduction refinance
- Mortgage insurance removal review where equity supports it
Three steps, no guesswork.
Clarify whether your goal is a purchase or a structural change to an existing loan.
Share your purchase or refinance goal through the Guide so it reaches the right desk.
A licensed mortgage professional compares structures and lenders and explains what may be available.
Frequently asked questions.
It is a refinance undertaken to change the rate, term or structure of an existing loan without returning equity to the borrower as cash.
A cash-out refinance returns eligible equity as proceeds at closing. A rate-and-term refinance does not.
Where the equity position and program rules support it, a refinance may remove or reduce mortgage insurance. This is confirmed during review.
Some programs allow eligible closing costs to be financed. Availability depends on equity and lender guidelines.
Yes, moving into a fixed structure is one of the most common reasons for a rate-and-term refinance.
It depends on the program and how the second lien was originated. Some scenarios are treated as cash-out, which your professional will confirm.
Most refinances involve a valuation, though appraisal waiver options exist on some programs and scenarios.
Other paths worth comparing.
Ready to see what purchase & rate-term refinance could look like for you?
Start with the UPM Mortgage Guide, then review possible options with a licensed mortgage professional.
(938) 201-5656Program availability and eligibility depend on borrower profile, property, credit, income, equity, documentation, lender guidelines, and underwriting approval. This is not a commitment to lend or extend credit. Uptiq Premier Mortgage, LLC | NMLS 2362651. Equal Housing Opportunity.