Mortgage refinance options

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Mortgage options

When it comes to mortgages, there's no one-size-fits-all. Let's find the one that meets your needs.

Federal Housing Administration (FHA) loan^,^,

An FHA mortgage is a government-insured loan. FHA loans come with a 15-, 20-, 25- or 30-year term and have a fixed interest rate.

Things to consider:
While there are no specific income requirements to qualify, you’ll have to pay monthly mortgage insurance for the duration of the loan and a mortgage insurance premium at closing.

Veterans Affairs (VA) loan

A VA loan has no monthly mortgage insurance requirement. VA loans are available with 10-, 15-, 20-, 25- or 30-year terms.

Things to consider:
You must be a veteran, an active duty servicemember or a member of the National Guard or Reserve to qualify for a VA loan.

Alternative loan terms

While most mortgages are 30-years loans, there are 15- and 20-year options. If you’re looking to pay off your home faster, you may want to consider refinancing for a shorter term.