What Is a Refinance Loan?
When you refinance your mortgage, it is like you are trading in your old loan for a new one with different terms and payments. Taking out a new loan can help you free up equity that can be used for home updates, paying off high-interest rate debts, and more. Many Americans are also refinancing to secure lower interest rates which can help reduce overall monthly expenses. These options can help you greatly improve your finances and retirement.
ACCESS EQUITY
CHANGE TERMS
LOWER INTEREST RATES
Types of Refinance Loans
REVERSE MORTGAGE REFINANCE
Reverse mortgages either have a fixed or adjustable rate and the type determines how you receive your payments. You may want to refinance your reverse mortgage so you can switch your rate type, lower your interest rate, add your spouse to the loan, or get more access to the equity of your home. There are numerous benefits to refinancing a reverse mortgage.
VA STREAMLINE
Already have a VA loan? VA streamlines require fewer steps than typical refinance and fewer documents.
FHA STREAMLINE
Already have an FHA loan? FHA streamlines require fewer steps than a typical refinance and fewer documents.
CASH OUT REFINANCE
Consolidate debt, home improvements and get cash needed for expenses are just a few of the benefits of a cash out refinance.
RATE AND TERM
Can often be used to lower your interest rate and payment.
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