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Term/Rate Reduction
There are several reasons to consider refinancing your home. One of these reasons is to reduce the term of your mortgage. Another is to take advantage of a more favorable interest rate. By reducing the term of your mortgage from 30 years to 15 years, you can reduce the amount of interest you pay by a very significant amount. Recent Fed action has resulted in plummeting mortgage rates! Refinance today to take advantage of much lower rates and payments. If you delay, you may miss this rare opportunity! Some of the most popular loans for lowering your term/rate/monthly payments are:
FHA LOAN
- FHA loans are insured by the government and in today's market place are a very popular choice for homeowners.
- Available in 15 or 30 year fixed and 5/1 ARM terms.
30-YEAR Fixed Mortgage
- Fixed loans offer a more traditional solution. A 30 year fixed loan offers the same payment throughout the term of your loan and a lower payment than a 15 year fixed mortgage.
15 YEAR Fixed Mortgage
- A 15 year mortgage is chosen by many homeowners because it reduces the overall term of the loan. The payment is fixed and the mortgage is paid off in 15 years as opposed to the traditional 30 year term. This program reduces the overall interest you could pay overtime compared to a 30 year mortgage.
Adjustable Rate Mortgage
- An Adjustable Rate Mortgage often provides a lower interest rate than a fixed mortgage product. In an adjustable rate program the interest rate and payment can increase over term of the loan.
JUMBO LOAN
- Any loan over $417,000 is considered a Jumbo Loan.
VA Loan
- If you're a qualified veteran, military member, or spouse, you may qualify for a VA Loan that offers low rates and payments.
PMI SAVER
- A PMI Saver can potentially lower or eliminate expensive mortgage insurance payments.
*The loan programs listed above are for information purposes and FFG may not offer all of these programs.






