There are several types of home loan refinances available for professional lawyers, including:
- Rate and term refinance: This involves changing the interest rate or term of the existing mortgage to lower monthly payments or save on interest.
- Cash-out refinance: This allows borrowers to access the equity in their home by refinancing for a higher amount than the current mortgage and receiving cash at closing.
- FHA streamline refinance: This is a government-backed refinance option that allows eligible borrowers with an FHA loan to lower their monthly mortgage payments without a new appraisal or credit check.
- VA streamline refinance: This is a similar program to the FHA streamline refinance, but it is available to eligible veterans, service members, and their families with a VA loan.
Professional lawyers should evaluate their financial goals and circumstances to determine the most suitable type of refinancing for their needs.