Refinance Mortgage Loans

Refinance mortgage loans are the loans that taken out by borrower to pay-off the the original loan, however it is possible to refinance a home equity loan even you are carrying a bad credit.

A lot of peoples are preferable to take fixed rate mortgage loans, in fact there are many loan types available to suit to different situation and requirements of borrowers. Below are some loan types common can be find in loan market :-

1) Interest only mortgage - not contained principal amount.

2) Option ARM mortgage - adjustable rate mortgage, suitable for those with fluctuate income, and investor who doing short term investment. The rate of this mortgage always very low at the first few years.

3) Adjustable rate mortgage - payment fixed at early stage (3-5 years), but subject to change for the following years (10-30 years).

4) FHA mortgage loan - a granted loan programs by Federal Housing Administration.

5) Reverse mortgage loan - allow home owner to borrow equity, make a lump sum payment, monthly payment, Periodic advances through a line of credit and combination of the above.

Spend some times to study above options, understand their operation, pros and cons of each loan product. This will enable you to make a wise selection. Get several quotes from different sources, make their offer more comparable. If you lack of time to go through all these process, you may engage an experienced broker to help you.

Before you tight your relation to any lenders, you shall study and understand the loan options. Various loans are made to suit different scenarios, make sure you get the best one to fix your situation.

Visit Refinance Mortgage Advice for more advice and tips.

For more home mortgage loan types, please check out Home Loan Guide instead of Refinance Mortgage Loans

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