Refinance Loans

 A cash-out refinance is a refinancing option where you take out a new loan on your property for more than you owe on your current mortgage loan. Then you receive the difference in cash. Just be sure you can afford the new, higher payment since your loan amount will increase. 

 A rate and term refinance allows you to change the interest rate and loan terms of an existing mortgage. This is a great option when rates go down and you can get better terms with their lender. The amount of the mortgage loan remains the same, you could end up with lower monthly mortgage payments or pay down your mortgage faster than you originally planned.