Benevolence Financial Group (BFG) is now Open Home Loan. Start home loan rate tracking and let Open automatically shop around for you – over your loan duration. When your ideal rate is reached, we’ll ask your bank to match it. Choose to stay or switch in minutes. No effect on credit score. Start for free.

Types of refinances



< 1 Mins


Share this post

There are several types of refinances available, including:

  1. Rate-and-term refinance: This is the most common type of refinance, where a borrower replaces an existing mortgage with a new one with different terms, such as a lower interest rate or a shorter term.
  1. Cash-out refinance: This type of refinance allows a borrower to take out a new mortgage that is greater than their existing mortgage, and receive the difference in cash. This can be used to pay off high-interest debt, fund home improvements or other expenses.
  1. Streamline refinance: This type of refinance is available to borrowers with an existing FHA or VA loan and allows them to refinance with minimal documentation and paperwork.
  1. Consolidation refinance: This type of refinance is used to consolidate multiple loans, such as a first mortgage and a home equity loan, into a single loan with a new interest rate and payment schedule.
  1. Cash-in refinance: This is a type of refinance where a borrower puts additional cash towards their existing mortgage to lower their loan balance and monthly payments.

The type of refinance that’s best for a borrower depends on their individual financial situation and goals. It’s important to carefully evaluate the costs and benefits of each option before making a decision.

Send Us a question

Have something in mind?