Refinancing is far more than just resetting your mortgage clock – it allows you to choose from loan terms in today's market and based on your current financial status. If loan rates or your credit situation have improved significantly since you first took out your mortgage, refinancing can mean enormous savings over your current mortgage. Let’s take a closer look.

It’s time to take the leap and buy that home. Maybe it’s your first, or maybe it’s simply the next step in the journey for yourself and those in your care. Choosing the right mortgage is second only to your selection of the property itself, and in many ways the impact is just as long-lasting. There are interest rates to juggle, down payments to consider, inspections and fees and closing costs. Let’s reduce some of that stress together.

These are a relatively new structure in which lenders use the equity in your home as security for regular monthly payments to you for as long as you live there – usually until you die or move away. At that point, they take ownership of the property. Reverse mortgages are intended primarily for older homeowners and can provide tax-free flexibility in one’s later years. Unfortunately, unscrupulous lenders have used this terminology to take advantage of the elderly. Let’s separate the reality from the lofty promises.

These loans are insured by the Federal Housing Administration. They are primarily designed to help first-time home-buyers with a limited credit history or poor credit to purchase low-cost homes in hopes of laying a foundation for ongoing stability and financial growth. FHA backing means lenders are more willing to extend credit at reasonable interest rates and with lower down payments. Let’s see if you qualify.

These loans are designed for active-duty military personnel and veterans or their families. The backing of the VA means qualified borrowers can negotiate better interest rates, lower down payments, reduce their property taxes, and other favorable terms. As with any government program, the process itself can be hairy. If approved, however, the advantages are substantial. Let’s start looking at logistics.

This combines the advantages of refinancing with the possibilities of debt consolidation or home improvement. Your mortgage is refinanced for more than the remaining balance of the loan, leaving you with surplus funds to pay off high-interest credit cards, update your education or job skills, or tackle essential repairs around the house without taking out a separate loan. Let’s see if this makes sense for you.

Your home is a significant source of value which naturally increases as you pay off more and more of your initial loan. A home equity loan allows you to borrow against a portion of that value at generally favorable interest rates in order to finance major projects or other needs. It’s not something to undertake lightly, but the versatility and advantages can be substantial. Let’s talk about what you’d like to accomplish.

A fixed interest rate will stay the same throughout the life of the loan, while a variable rate is tied to the overall market and shifts over time. The advantage of a fixed rate is obvious – predictable payment amounts no matter what happens in the rest of the economy over the years. Adjustable rates sometimes mean lower payments up front in exchange for higher risk over time. Let’s do some rate shopping and compare your options right now.

Catchy term, isn’t it? As the name suggests, jumbo loans are designed to help buy particularly expensive types of residential property. They exceed the normal limits set by the FHA and are not eligible to be purchased or secured by Fannie Mae or Freddie Mac. They tend to require higher credit ratings and involve more paperwork, but for buyers interested in premium homes, they offer substantial opportunity. Let’s run some numbers.