What Types Of Refinance Are There?

Although all refinance loans require a full loan package, qualification and documents (one possible exception is perhaps your own bank offering abridged equity lines where they have all your other accounts), there are 4 basic reasons/types of refinances.

Full doc/80% loan to value (ltv), cash out refinance. You typically will get the lowest rate for a thirty year fully amortized loan, and still get the cash you desire. 

Rate and term only. The same as option one only you only wish to improve your rate and terms.

Equity home loan – not to be confused with an equity line, this is a set amount of cash, with repayment amortized.

Equity line – an amount approved is not necessarily used. Typically interest rates float with the prime rate; repayment is typically interest only and duration is typically 10 years. 

Always consult a professional regarding loans, home maintenance and legal issues such as trust, probes etc.. It is peoples greatest asset. Premier Funding Network is here to answer your questions: (714) 283-9900.


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