Understanding Home Refinance Options
What types of loans are available?
Here are the three standard and most popular types of home loans. Each offers you a variety of terms and conditions depending on your goals and financial needs.
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Fixed Rate: The most common type of home loan with a rate that does not change. It provides predictable monthly payments over the life of the loan.
Adjustable Rate Mortgage (ARM): This loan typically starts at a very low rate and monthly payments, for an initial, set period of time. However, at the end of that period, the rate and payments can go up as the interest rates change.
Cash-Out Refinance: Designed for homes with a lot of equity, this loan converts that equity into cash. Without tax penalty, you can access and use the money for virtually anything – from paying off high-interest credit cards, to education expenses or a dream vacation.