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Top 10 Loan Programs for Mortgage Refinancing

Refinancing a home is something that millions of people will consider throughout the future. However, it's surprising just how many different types of loan options you have when you want to refinance. Homeowners truly have amazing mortgage refinancing opportunities that people renting just do not have.

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  1. Cash Back –The cash out refinance is available to those who are looking to increase the amount of cash on hand that they have. These loans look at the equity in your home – the value compared to what you owe – and can give you funds to use as you see fit while potentially lowering interest rates and even dropping monthly payments. Rates on cash out refinance loans continue to be very attractive for homeowners seeking money this year. Don't rule getting money with a HELOC loan either.
  2. Streamline– These refinance loans are similar in terms and rates to any other refinance, but the goal here is to waive various paperwork and red tape requirements. The result is a loan that is easy for you to secure without dealing with the hassles of things like proof of income or other similar checks.
  3. Term Reduction Mortgage – A term reduction mortgage is intended to refinance your home loan into a shorter term. For example, you can move from a 30-year mortgage to a 15-year mortgage with these loans. Depending on the current interest rates and amount of principle left to pay on your current loan, you could end up with a much more favorable loan with these types of refinances.
  4. Home Affordable Refinance Program (HARP) – HARP loans are intended for those who own a home that has dropped in value over the last few years. The Home Affordable Refinance Plan intended to help lower interest rates and give you a loan that is more in line with your home's current value, and is a better choice for those who have found that traditional refinancing actually doesn't end up as favorable as it should be.
  5. Graduate Payment Mortgage Refinance – These are loans similar to traditional mortgages structured in the graduate payment plan. In these loans, the goal is to provide a monthly payment rate that begins low and gradually increases over the years. The reason is that the loans are intended to accommodate those who are currently earning low incomes, but who expect to increase their salary substantially over the coming years.
  6. Subprime – Subprime refinances are valid options for some homeowners, despite the somewhat negative association that the name carries with it. Subprime doesn't instantly mean 'terrible', however. These are loans that are extended to those who have credit histories or other circumstances that simply aren't what lenders consider 'prime'. They may carry higher interest rates or larger debt to income requirements, but the key thing to remember is that they can serve as the only option to those looking to refinance in some cases. And for many, they still may have a better interest rate or loan terms than older subprime loans you're currently paying off. 12 Credit Repair Tips for Homeowners Looking to Refinance.
  7. FHA –FHA is still one of the best choices for millions of Americans looking to refinance. These government backed loans provide a more affordable loan solution while still making it easier to qualify. Things like credit scores, equity limits, and debt to income ratios can be much lower with an FHA option. As such, they're one of the best options for anyone hoping to refinance but who is having trouble securing a refinance from a more traditional lender. HUD and FHA continue to reward Americans when they invest in renewable energy. Learn more about PACE financing and solar loans.
  8. Hybrid ARM –The adjustable rate mortgage is another type of loan that has a bad reputation, but that offers very real benefits to many. The key thing to understand about these loans is that they begin with a very low interest rate that remains in place for 5 years on average. So, the 5/1 ARM is fixed for the first five years anyways. Then, the loan can increase once per year every year afterwards. That low initial interest rate makes this a perfect choice for those looking to refinance now but sell their property within the next 5 years. (Choose from 1/1, 3/1, 5/1, 7/1 and 10/1 ARMs)
  9. Fixed Rate– the fixed rate refinance mortgage is the standard option that so many choose to focus on. With these loans, you get a flat interest rate that remains the same throughout the entire lifespan of the loan. If you plan on selling within the next five or six years, they may not be the smartest option, but for anyone looking to live in their home for some time, they're the best choice to make during a refinance.
  10. Straight Refinance – A straight refinance is probably the simplest to understand. With these "rate and term" loans, you're not getting any additional cash based on the equity of your home or making any additional changes that stand out. All you're doing is securing a new loan with a lower interest rate. This is enough to lower monthly payments for many, and it is the basic refinance option you'll want to start off the process by looking at.  -Article was written by James Swift

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