Alters either the interest rate, the term of the loan, or both. Aimed at reducing monthly payments or changing the duration of the mortgage.
Enables homeowners to refinance their mortgage for more than the current balance and withdraw the difference in cash. Ideal for large expenses or debt consolidation.
Homeowners pay a lump sum at closing to lower their mortgage balance, which can help secure a lower interest rate or remove private mortgage insurance (PMI).
A simplified refinancing option for holders of existing FHA loans. Requires minimal documentation and no appraisal, focusing on lowering interest rates or changing loan terms.
Designed for veterans with VA loans, offering an expedited refinancing process with less paperwork and no appraisal to reduce interest rates or monthly payments.
Available for current USDA loan holders, aimed at reducing interest rates and monthly payments with minimal paperwork.
A revolving line of credit based on home equity. It allows homeowners to borrow against their home equity at their discretion up to a certain limit.
A lump-sum loan that lets homeowners borrow against the equity in their home, typically used for consolidating debt or funding large expenses.
Programs like the High LTV Refinance Option and Freddie Mac Enhanced Relief Refinance are designed for homeowners with little equity or underwater mortgages.
The lender covers the closing costs, but typically charges a higher interest rate. Beneficial for homeowners who plan to stay in their homes for a shorter period.
While the VA does not directly offer HELOCs, homeowners with VA loans may obtain a HELOC through private lenders based on home equity and lender policies.
Homeowners with FHA loans can seek HELOCs from private lenders, although availability and terms depend on individual lender requirements and home equity.