Question:

What are the most popular home refinance options?

Answer:

Home refinance options allow for greater flexibility of finances, if considered carefully. Sometimes, combining certain refinance options will open up new possibilities to you.

Extending the term of the loan is a popular home refinance trick to lower monthly payments.

Consolidating debts into a home equity loan is often used to cure indebtedness and use tax-deductibility of interest on home equity loans.

Best Refinance Options For My Home

Most popular home refinance option is combining first and second mortgages with or without cash-out. Even if you don't cash equity with this transaction, the road is open for another home equity loan or line of credit if need arises.

Another extremely useful home refinance option is refinancing out of ARM into an FRM. Fixed rate loans are saviors, compared to ARMs which can be dangerous home loans.

If rates keep dropping, refinance with no cost. Even if you take somewhat higher rates, a no cost refinance gets you closer to homeownership.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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