With interest rates at historic lows, now is the time to refinance. Even if you recently purchased your home or refinanced it in the past year you will find that you can lower your payment, shorten your term, pay off home equity loans, credit cards, auto & consumer loans, and take extra cash for home remodeling or whatever you desire.

There are two kinds of refinance, the first is a "rate & term", this is where you are paying off the current mortgage & home equity if you have one and in some cases no appraisal is needed. The second type of refinance is "cash out", and is the most popular, here you are taking extra equity out of your home to pay off other debt or just receiving extra cash, you will significantly lower your monthly payments and have much lower interest costs.

Most refinance loans are done on computer, and transmitted over for an automated approval, typically all done in 30 minutes. The paperwork is minimal, and your only out of pocket cost is for an appraisal. The regular closing costs and escrows if required are rolled into the new mortgage, and most closings are within three weeks. You can choose your own appraiser and title office for closing. The most popular mortgage type for a refinance is the 30yr, 15 yr, 7/30, & 5/1 ARM.

Mortgage programs available for a conventional mortgage loan with a maxinum of $400,000 are listed below. This is a partial list to provide you with an idea as to what is available to meet your specific needs. Most conventional mortgages require a mininum middle credit score of 620, while some mortgage programs may require a middle credit score of 660 or above.

NEW - the 40 year Pay Option Arm, this loan will give you a flexible payment designed to meet your family budget needs, this loan has the lowest monthly repayment of virtually any loan available, for purchase or refinance.

¤ Fixed - 30, 20, 15 & 10 year.
¤ ARM - 1 year, 3/1, 5/1, 7/1, 10/1.
¤ Balloon - 30/7 - provides a very low payment for 7 years.
¤ Interest only Mortgages - lower monthly payments.
¤ Cash out to 100%.
¤ Interest only Mortgages - lower monthly payments.
¤ Home Equity only loans up to 95%, with no mortgage insurance - very low payment.
¤ COFI, CODI & MTA - very low interest mortgages.

Programs are available to fit many standard and unique situations, many of these include:

¤ Regular refinance with W2's, no needed to be on same job two years.
¤ Stated income - for those that have hard to verify income or are self employed.
¤ No income & no assets (NINA), proving job or assets is difficult.
¤ Most of the above programs are for residential or second/vacation home refinance.
¤ Most of the above programs are available for 1 to 4 unit investment properties.
¤ No Mortgage Insurance on most mortgages programs available.