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You may already have some goals in mind for refinancing, but do you know which loan option will best help you meet those goals? Selecting the right mortgage is central to the refinancing process, so it's important to understand your options. You'll need to consider two things at the outset: which loan type best meets your refinancing needs, and which loan term offers the ideal repayment schedule.

Loan Types:
Most home loans fall into one of two general categories: fixed-rate mortgages and adjustable rate mortgages (ARMs). You'll also encounter other basic loan types such as renovation loans.
Fixed-rate mortgages have interest rates that stay the same for the entire loan term.
- You will have predictable monthly payments throughout the life of the loan.
- You'll be protected from rising rates.
- Fixed-rate loans are a good refinance option when rates are low.

Adjustable-rate mortgages have interest rates that adjust periodically based on market conditions.
- The initial rate is fixed for an introductory period (usually one to ten years), and is typically lower than for a fixed-rate mortgage. After that the rate adjusts annually based on a market index, but can't go above a predetermined adjustment cap.
- Because of the lower initial rate, ARMs can be a good way to refinance when rates are not especially low.

Loan Terms
The “term” of a loan is the period of time you will spend repaying it. The most common loan term is 30 years, but other options are also available. A 40-year term is available for customers who want lower monthly payments than those available from a 30- year term. There are also 20-, 15- and 10-year mortgages for those who want to repay their loan faster.

Whether you'd be better off with a longer loan term or a shorter one depends on a number of factors, most notably your monthly income and long-term financial goals.
- Longer mortgage terms offer lower monthly payments, and are a good option if you're on a tight budget or would prefer to direct your monthly cash flow toward other investments or expenses
- Shorter mortgage terms mean higher monthly payments, but allow you to repay the loan faster and save money on interest.

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