Mortgage Refiance - is obtaining a new mortgage loan to pay off an existing loan or to pay off one loan with the proceeds from another. Most of the mortgage refiance is done in order to obtain a lower interest rate and start saving on your monthly payments. The mortgage lender you choose to refiance with may offer you the following loan products with the security of fixed-rate payments:

15 and 20-Year Fixed-Rate Refiances
     Choose the following option if:

      * You want a shorter duration mortgage loan life and lower interest rates.

      * Lower monthly payments are not a priority or you are planning to live in your
               house for more than 10 years - especially if you're planning to completely
               pay off your mortgage loan.

25 and 30-Year Fixed-Rate Refiances

Choose the following option if:

* You want a low fixed monthly payments for the lifetime of the loan.

* You want a loan that's usually a bit easier to qualify for.

* You're planning to live in your house less than 10 years.

* You want the maximize your tax deductions.

When you are refiancing, there are three available loan refiance options you should also think about:

No-Closing Cost refiance:

This refiance option reduces greatly upfront fees. While the rates are abit higher, you will pay few upfront fees to get your new mortgage loan. In fact as long as our prevailing market rate is lower than your existing rate by 1.5 percentage point or more, it is financially beneficial to refiance because there is little or no cost in doing so.

Cash-Out Refiance:

If you qualify with your current home equity, you can refiance with a loan amount larger than your current mortgage - and keep the cash difference. It can be used for home improvement, debt consolidation, or whatever your needs are.

A "roll-down" Refiance loan:

A roll-down is type of the loan where the lender pays all non-recurring closing costs for the borrower. The borrower is paying only all prepaid interest, property taxes, and hazard insurance, as well as all other recurring items. Minimum loan amount for the roll-down is $150,000.