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Refinancing is simply replacing your current loan with a new loan that will benefit you in some way, such as lowering your interest rate, lessening the length of your loan or dropping your private mortgage insurance. Find out other ways you could benefit from refinancing here.

 

Talk to a mortgage loan advisor today to find out which type of refinancing loan would be best for your current situation. Or complete this short form to have someone get in touch with you.

 

In the meantime, the following will give you an idea of the variety of refinancing loan options available.

Rate-and-Term Refinance

  • This is a straightforward kind of refinance loan.
  • Besides the typical fees associated with the loan process (processing, underwriting, etc.), no actual money changes hands.
  • The amount of money you owe on your loan doesn’t change.

 

You receive better terms that should save you money (immediately or in the long run) on your loan.

Cash-Out Refinance

  • This loan increases the amount of money you will have to pay back on your loan.
  • You’ll receive cash at the end of the transaction for you to use as you please.
  • This type of loan only works when your home has increased in value during the years you’ve owned it.
  • This loan allows you to turn the equity (increased value) in your home into cash.

FHA Streamline Refinance

  • This government-backed refinance loan is only for borrowers who currently have an FHA purchase loan.
  • It’s typically a faster loan process than a conventional refinance.
  • It doesn’t usually require a lot of paperwork and it often allows borrowers to forego an appraisal, saving the borrower time and money.