Do anyone know what’s a Flex term 30 years fixed-rate mortgage? I’ve been trying to refinance my house to take out cash out. And I only got approved for a flex term 30 year fixed rate mortgage. I’ve been trying to do some reading/research on that loan but no luck. ￼￼
so you can choose the length of the mortgage. Usually these are less than 30 years. Say you have been paying on a mortgage for 10 years and you want to REFI but not start back at day 1. These flex loans allow you to pick how many years you want to pay off the note usually at a fixed rate. that always been my understanding of them.
@Matthew Crivelli thank you so much. I was just worried that it was similar to a adjustable rate loan. Which I wasn’t looking for that. ￼￼