There are a number of possible benefits to refinancing your existing mortgage.

• Lower your monthly payment
• Lock in a fixed rate
• Get cash from home equity

However, refinancing is not recommended for everyone. It is important that you weigh all your options when considering whether or not to refinance.

If you do decide to refinance your existing mortgage, you will have many loan options to consider:

 

• Fixed rate loans - Lock in a low fixed rate that is guaranteed to never change. Popular terms include 15, 20, 30, and 40-year loans.
• Adjustable rate loans - Flexible loan terms for your short-term goals.
• Interest-only loans - Lower your payments and maximize your cash.
• Cash-out refinance loans - Get extra cash without a second mortgage.
• FHA loans -Guaranteed by the government, FHA loans offer more flexible guidelines than traditional mortgages.