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When considering refinancing a mortgage loan, borrowers are met with a range of options tailored to their financial objectives. Whether aiming to lower monthly payments, secure better interest rates, or leverage home equity, there are many refinance loan options to consider, including:
- Streamline Refinance are available for homeowners with an existing FHA, VA and USDA Loan, that assist the borrower in obtaining a reduced interest rate, while offering a quick and simple loan approval process that won’t require an appraisal report, evaluation of debt-to-income ratios, or payment history on non-mortgage credit accounts.
- Cashout Refinance for homeowners with equity in their home replace the current mortgage loan with a new mortgage loan and receive lump sum cash at the settlement table that can be used by the homeowner to consolidate debt, make home improvements, fund a college education, create a rainy-day fund, or whatever other requirements the homeowner may have.
- Home Equity Line of Credit (HELOC) allows homeowners to use their equity in their home to open a credit line without impacting the existing first mortgage loan.
- Rate Term Refinance, also known as a no-cash-out refinance, is a type of mortgage refinance where the primary goal is to lower the interest rate or change the loan term without increasing the loan amount more than the combined payoff of the current mortgage(s) and closing costs.
- FHA 203(k) and HomeStyle Renovation Loans are mortgage loans that allow a homeowner to combine an existing mortgage loan with the funds necessary to complete a renovation project using a licensed bonded contractor after the loan closes. The difference between a renovation loan and cash-out refinance is that the renovation loan is based on the “after-completed” value of the house as well as being a rate term refinance loan, which often allows for a larger financed home improvement project.
- Reverse Mortgage Loans are a financial product available to homeowners aged 62 or older that enables them to convert a portion of their home equity into cash. Unlike traditional mortgages where homeowners make monthly payments to a lender, with a reverse mortgage the homeowner doesn’t have to repay the mortgage loan so long as they reside in the property.
- Bridge Loans are short-term financing options used by homeowners to cover the gap between the purchase of a new home and the sale of their existing property. These loans are especially useful when homebuyers want to avoid the stress of having to sell their current home prior to moving into their next home or want to make their offer stronger by not requiring their purchase offer being contingent upon the sale of their current home.
