Mortgage refinance can be of many types. You can choose one that fits your needs the best. If you want a loan in which you have to pay a fixed amount as you do not want to get affected by market fluctuations, then you can select a fixed rate mortgage loan.
Just opposite to the fixed rate home loan is an adjustable rate home refinance. The adjustment depends on the market scenario and many other economic trends and indices. If you choose this option, you need to pay a lower interest rate at the start of loan period.
The other type of mortgage refinance is close end loan. In this, the borrower is paid a loan amount at the closing. This amount is dependent on factors like credit history, appraisal value and income of the borrower. With good credit history in hand, you can take a loan up to the appraised value of property.
Another type of refinance loan is open end loan. Lender fixes an amount which the borrower can take. It depends on the borrower when to take it in a span of 30 years.