Many borrowers would like to refinance their current mortgages in order to save money on their monthly mortgage payments. Some use refinancing to reduce the term of their mortgage which will save years of paying and, in the end, also save on the amount of interest that is paid to the lender. In either case, refinancing might be a good idea if the end result is savings for the borrower.

Many FHA mortgage holders do not realize that FHA mortgages come with a refinancing option that is suited for any borrower. As long as there is no cash being taken from the equity in the home, FHA mortgages offer the FHA Streamline Refinance to current borrowers that is simple, easy and quick. The FHA streamline refinance does not require a credit report, income or asset documentation. In addition, this particular refinance does not even require an appraisal which is perfect when property value decline instead of increase. FHA has this program available at all times so that borrowers can take advantage of low mortgage rates when they are available. In fact, the refinance must show that the borrower is saving at least 5% on their mortgage payment in order for the refinance to be approved. The FHA streamline refinance with no cash out is a wonderful product which truly has the FHA borrower in mind.

Another new mortgage program that is available, is the Harp 2.0 program for borrowers who have mortgages held by Fannie Mae and Freddie Mac. This new program is also available to help borrowers refinance to lower mortgage rates without the hassle of the lender's full underwriting. It is similar to the FHA streamline refinance in that, in almost all cases, it does not require an appraisal. Again, there are times when property values do not increase, but instead decrease. This is where the Harp 2.0 mortgage refinance is necessary to help a borrower take advantage of the savings that can be appreciated with a mortgage refinance.

Most programs, such as the FHA streamline refinance, have been available for a very long time. Other programs are new and may only be available for a period of time. Mortgages, like everything else, are constantly changing according to what is needed depending on the economic period. It's a good idea to keep up with what is still around, what is old and gone and what is new and upcoming in order to get the best deal that is available to homeowners and home buyers.