Today there are many different types of loans that a person can qualify no matter what their credit rating is and how long you have owned the property. There are many different types of refinancing, no-cost refinance, homes with a second mortgage can also refinance in some circumstances, to find exactly what type of refinancing you qualify for on your property it is wise to use a professional who can explain each option to you such as http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.htmlWhat types of mortgages are there if I want to refinance my property?
Refinancing a property is akin to purchasing the property all over again. You will need to go through an appraisal and apply for mortgage.
However, the benefit is that this time, you already live there and technically is the owner. So you will qualify for any mortgage out there as long as you have the credit rating for it.
So you can get traditional Fixed Rate Mortgages, Adjustable Rate Mortgage (The engine of the subprime mess), or even go a thrid route, the Home Equity Loan.
Home Equity Loan isn't an mortgage but rather a loan taken out on the equity you build up in your house. However, if you default on it, they can pursue legal action to takeover your house. On the positive side, Home Equity Loan also benefit from the mortgage tax deduction.
Hope this helps.
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