There are a number of possible benefits to refinancing your existing mortgage:
- Lower your monthly payment
- Adjust loan term to meet financial goal
- Lock in a fixed rate
- Get cash from home equity
Refinance Loan Options
If you do decide to refinance your existing mortgage, you will have many loan options to consider:
- Fixed rate loans: Lock in a low fixed rate that is guaranteed to never change. Popular terms include: 10, 15, 20, 30, year loans.
- Adjustable rate loans: Flexible loan terms for your short-term goals.
- Cash-out refinances loans: Get extra cash without a second mortgage.
- FHA and VA Loans: Guaranteed by the government, FHA loans offer more flexible guidelines than traditional mortgages.
However, refinancing is not recommended for everyone. It is important that you weigh all your options when considering whether or not to refinance.