There are two types of refinance mortgages, and both are useful tools to improve your financial position. 

Rate & Term Refinance

This is a loan where you can lower the interest rate on your current loan and/or change the term.  When current

rates are lower than your original rate by at least .500% if is often beneficial to refinance.  As for the term, you

can change the number of years financed to better control the pace of your equity.  Over your life, your needs

and financial position will change.  It can be helpful to either shorten the term, and save thousands in interest,

or to lengthen the term and lower your monthly payment.

Cash Out Refinance

Let's you pull out Equity as cash for either debt consolidation or just cash for any purpose you wish. 

LOAN PROGRAMS:

Conventional: The most common of Mortgage Loans and use Conventional Underwriting Guidelines

Government:

FHA: Loans that follow HUD's (Dept of Housing and Urban Development) Guidelines and are often used

for Borrowers who don't Fit Under Conventional Guidelines.

VA: Loans for Veterans and require no Down Payment

RURAL Housing: Loans that follow USDA Guidelines that are not in Urban Areas

Non-Conforming: Loans that don't fit either Conventional or Government Guidelines

Hard-Equity/Portfolio: Loans that are typically very risky and are held by Investment Groups at Higher Interest Rates