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it must be specified in the loan document); and (c) a maximum (cap) that interest rates can rise over the life of the mortage (this also must direct loan program specified in the loan document). Refinancing may be undertaken to reduce interest costs (by refinancing at a lower rate), to pay off other debts, to reduce one's periodic payment obligations (sometimes by taking a longer-term loan), to reduce risk (such as by refinancing direct loan program a variable-rate to a fixed-rate loan), and/or to liquidate some or all of the equity that has accumulated in real property during the tenure of ownership. It is advisable to speak with a financial professional, familiar with your existing home loan, before deciding to refinance. Certain types direct loan program loans contain penalty clauses that are triggered by an early payment of the loan, either in its entirety or a specified portion. Also, some refinanced loans, direct loan program having lower initial payments, may result in larger total interest costs over the life of the loan, or expose the borrower to greater risks than the existing