Types of Refinance Loans

There are many types of refinance loans from which to choose. The type that’s best for you will depend on your situation and goals. Below are the most common types of refinance loans.

• Fixed-Rate Refinance Loan
  The fixed-rate refinance loan has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. Read more about fixed-rate loans here.
• Adjustable-Rate Refinance Loans
  Adjustable-rate refinance loans have monthly payments that change as interest rates rise and fall. Adjustable-rate loans have lower rates than fixed-rate loans in the short-term, but because interest rates are unpredictable, you can’t predict what your monthly payments will be in the future. See more about adjustable-rate loans here.
• FHA and VA Refinance Loans
  FHA and VA refinance loans provide government-backed, low interest loans with low down payments and flexible terms to borrowers with lower credit scores.
• Cash-Out Refinance Loans
  For individuals who have built up equity in their homes, cash-out refinance loans let you refinance and borrow against the equity in your home. This provides you with immediate, tax-free cash that you are allowed to use any way you like.

  Cash-out refinance loans are available in both fixed-rate and adjustable-rate options.

Refinance Loan Calculator

Instantly see if you can lower your monthly payments or save over the life of your loan with the refinance calculator.

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