Types of Refinance Loans

Refinance Loans Have 3 Distinct Options

Different types of refinance loans exist to serve diverse and individual needs of each borrower. Regular refinance, cash-out refinance and Streamline refinance are the three types of refinance loans offered by iFreedom Direct®.  

Regular Refinance

Allows conventional or subprime borrowers to get into an FHA or VA loan program.

Cash-out Refinance

Enables borrowers with equity in their homes to get cash out to pay debts, make home improvements and pay for other expenses.

Streamline Refinance

Lets those with existing FHA or VA loans to refinance at lower rates without having to re-qualify with credit and income.

It’s recommended that each borrower calculate the “break-even” point before going ahead with a refinance transaction. The break-even point is when the savings realized through refinancing equal the costs. Origination fees, appraisals, VA funding fee and other costs apply to most refinance loans. As an example, if the refinancing costs total $6,000 and the monthly savings are $300, then a break-even calculation may look something like this: $6,000 ÷ $300 = 20 months to break even

To find out which refinance loan would work best in your unique situation, call 888-589-1665 with no obligation or click on the form to the right to submit your information.