This type of refinance would be used to lower your interest rate, lower your loan term or both.  It may also be used to convert a loan with mortgage insurance into a loan with no mortgage insurance (Example - refinance an FHA loan to a Conventional loan without mortgage insurance).

You can refinance most any type of loan.

VA, FHA and USDA offer streamline type loans that allow you to refinance regardless of the property value.

A cash-out refinance allows you to pull equity out of your home.  The money can be used for many things. 

• make improvements to your home
• consolidate debt
• college
• purchase another home
• and many others

This refinance allows you to pull equity from your home as a lump sum.  You are still required to qualify for the loan and you will incur closing costs.  An appraisal will need to be ordered by the lender to determine property value.  The amount you will be allowed to borrower against your home will be based on the loan type and use of the property. 

Speak with Kim to see if this loan is ideal for your situation.

The HARP loan allows you to refinance your conventional loan under the following conditions:

• your conventional loan is owned by Fannie Mae or Freddie Mac
• your loan was originated on or before May 31st, 2009
• You are current on your mortgage, with no 30-day + late payments in the last 6 months and no more than 1 in the last 12 months

You can go to the following links to see if your home may qualify.

Fannie Mae - Loan Lookup

Freddie Mac - Loan Lookup