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  Refinancing Options for Fresno, CaliforniaNo cash out - The purpose of this loan is to obtain either a lower interest rate or change loan terms.
Cash Out - The purpose of this loan is to increase the amount financed and obtain a specified amount of cash back at the closing.
Refinance loans are similar to purchase transactions with regard to processing and underwriting time. Just like a purchase, a refinance can be recommended for approval at the time of origination. The appraisal is a key element in the refinance transaction. Once a refinance is completely underwritten & approved it can be scheduled for closing. Unlike a purchase transaction all refinance transactions require a three day right of recession. This means homeowners have three days during which they could change their minds and cancel the transaction.
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