Depending on your goals and financial situation, you'll have several different refinancing options to choose from. We'll help you understand the differences between loan options so you can choose the right refinance loan for you. Fixed-Rate Mortgages Fixed-rate loans are generally 15, 20 or 30 years long. They provide a constant interest rate, and loan options principal and interest payment, for the life of your loan.
The benefits of refinancing your home with a fixed-rate loan are:. Adjustable-Rate Mortgages ARM Adjustable-rate mortgages generally offer loan options lower rate than a fixed-rate loan for the first five to seven years of your term. After that, your rate will change with the market index. Here are some benefits loan options drawbacks of refinancing your loan options using an adjustable-rate mortgage:. In addition to the traditional fixed-rate and ARM loans, we offer a variety of other loan options, loan options programs for low-income families, or veterans.
As you loan options around for loans, make sure to ask if you qualify for any special loan programs. Here are a few things to consider:. Chase's website terms, privacy and security policies don't apply to the site you're about to visit. Please review its website terms, privacy and security policies to see how they apply to you. Chase isn't responsible loan options and doesn't provide any products, services or loan options at this third-party site, except for products and services that explicitly carry the Loan options name.
Skip to main content Please update your browser. Begin Site Message Content. Understand your loan options. Loan options a refinance loan. There are benefits to every refinance loan option. We'll help you understand which loan is right for you. Two basic type of loans Most loans fall into one of two categories: The benefits of refinancing your home with a fixed-rate loan are: Your monthly principal and interest payments will be predictable for the entire life of your loan. Here are some benefits and drawbacks of refinancing your home using an adjustable-rate mortgage: In the beginning of loan options loan term, your interest rate will be lower than a fixed-rate loan.
Your payments can increase quite a bit when interest rates are rising. As the index goes up or down, your loan options will also change at each scheduled adjustment date. There are "rate caps" to limit the amount your interest rate can go up or down.
Deciding which loan options is right for you Deciding between a fixed-rate and adjustable-rate loan depends on two key loan options How long do you plan to own your home? Planning to stay put If you plan to stay in your home for more than seven years, you may want to consider refinancing with a fixed-rate mortgage. A fixed-rate mortgage will offer you predictable payments and long-term protection against rising mortgage interest rates.
Planning to sell If you plan to be in loan options home for seven years or less, an adjustable-rate mortgage could be an attractive option. Keep in mind that should you stay in your home longer than you originally planned, and your monthly payments may go up when your interest rate is adjusted if mortgage interest rates are rising. What are the current interest rates? Depending on current interest rate conditions, the differences in the monthly payment between a fixed-rate loan and an adjustable-rate loan could be very small or quite large.
There are many different variables involved, so use our online loan options to figure out which type of loan makes the most sense for your refinance. We can help you consider all of your options and choose the right loan for you. Additional Refinancing Options In addition to the traditional fixed-rate and ARM loans, we offer a variety of other loan options, like programs for low-income families, or veterans. Here are a loan options things loan options consider: The FHA allows as little as a 3.
Ask your lender loan options these programs. Alternative loan terms Most mortgage loans are year loans. However, there are also and year options. Ways to reduce your rate You can reduce your interest rate when you "pay for points" to lower your monthly payment. Learn more about discount points. In many cases, an appraisal is not required and fewer documents are needed. Learn more about HARP.
Ready to refinance your mortgage? Call a Chase Home Lending Advisor. Start online for a mortgage from Chase. You're Now Leaving Chase Chase's website terms, privacy and security policies don't apply to the site you're about to visit.
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