Benefits of Refinancing Your Current Mortgage.
You can refinance your home for a number of reasons, most of which typically result in a more favorable financial situation. Some of these include:
- Obtaining a lower interest rate in order to reduce monthly payments.
- Changing the term on a mortgage (for example, from 30 years to 15 years).
- Consolidating multiple debts into one easy-to-manage loan.
- Converting your existing mortgage from an adjustable rate mortgage into a fixed rate mortgage with fixed monthly payments.
- Consolidating multiple mortgages into one mortgage.
- Cash-out refinance. The purpose of this type of loan is to extract equity from your home.
- FHA Refinance
- FHA Streamline Refinance
- VA IRRRL (VA Streamline Refinance)
- USDA Rural Streamline Refinance
- FHA Cash-Out Refinance
- FHA 203(k) Refinance
- FHA 203(k) Standard
- FHA 203(k) Streamline
- Jumbo Loan