There are a number of possible benefits to refinancing your existing home mortgage.
- Lower your monthly payment
- Lock in a fixed rate
- Get cash from home equity
However, mortgage refinancing is not recommended for everyone. It is important that you weigh all your options when considering whether or not to refinance your mortgage loan.
If you do decide to refinance your existing mortgage, you will have many mortgage loan options to consider:
Fixed rate mortgage loans - Lock in a low fixed mortgage rate that is guaranteed to never change. Popular terms include 15, 20, 30, and 40-year mortgage loans.
Cash-out mortgage refinance loans - Get extra cash without a second mortgage.
Adjustable mortgage rate loans - Flexible mortgage loan terms for your short-term goals.
Interest-only mortgage loans - Lower your mortgage loan payments and maximize your cash.
FHA mortgage loans -Guaranteed by the government, FHA loans offer more flexible guidelines than traditional mortgages.
