Refinancing Services
Refinancing is essentially paying off your existing mortgage and taking out a new one.

There are several reasons for a refinance:
   1.) Fix the term of the loan for a longer period of time - reducing the risk associated with the existing loan
   2.) Using the equity in your home to get cash out or pay off exisiting debt
   3.) Lower your rate - here you may go from a fixed rate to an adjustable or interest only loan in order to lower your payment

By refinancing an adjustable-rate mortgage into a fixed-rate mortgage, the risk of interest rates increasing dramatically is removed, thus ensuring a steady interest rate over time.

Another type of refinance is a cash out refinance. This type of refinance may not help lower the monthly payment or shorter mortgage periods. It can be used for home improvement, credit card and other debt consolidation if the borrower qualifies with their current home equity; they can refinance with a loan amount larger than their current mortgage and keep the cash difference.

Some people may not want to be in the house forever; therefore, their main concern would be to get the lowest payment possible at the time. In order to get the lowest payment, an ARM or interest only loan may be the best option for the refinance.