Refinancing A Home

This mortgage-refinancing option—the new mortgage is for a larger amount than the existing loan—lets you convert home equity into cash. Use it with care. read more

An FHA streamline refinance is a low-hassle mortgage refinancing program available through the Federal Housing Administration. read more

An interest rate reduction refinance loan (IRRRL) is offered by the U.S. Department of Veterans Affairs (VA) as part of its mortgage program to homeowners already holding VA loans. IRRRLs help veterans and military families get lower rates, or to convert from an adjustable to a fixed-rate mortgage. read more

A no cash-out refinance is when a loan's terms are refinanced but no cash is allocated for the borrower as spending or expense money. read more

No-appraisal refinancing means that a lender does not require an independent assessment of a home’s value to extend a new mortgage on it. read more

Rate-and-term refinance refers to the refinancing of an existing mortgage for the purpose of changing the interest and/or term of a mortgage without taking additional cash out. read more

A refinance occurs when a business or person revises the interest rate, payment schedule, and terms of a previous credit agreement. read more

A refinance wave is a phenomenon in which a spike in mortgage refinancing occurs, usually in response to a shift in interest rates. read more

A short refinance is the refinancing of a mortgage by a lender for a borrower currently in default on payments. read more

USDA streamlined refinancing is a mortgage-refinancing option for homeowners who bought their home using a USDA loan. read more