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What types of mortgage loans are available for refinancing?

April 26, 2017mortgage loans refinancing types

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What types of mortgage loans are available for refinancing?

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Generally, the same mortgage types that were available on your initial home purchase are available for refinancing your mortgage. Fixed rate mortgages (FRMs), and adjustable rate mortgages (ARMs) are the two most common types. Although, there are many “hybrid” mortgage options that carry fixed rates for a designated period of time then change to an adjustable rate. These “hybrid” mortgage options can have much more attractive rates than a conventional fixed rate, fixed term loan. It’s definitely worth exploring all of your options.