Mortgage Refinancing Mortgage refinancing loans experience a boom whenever rates are low. A lot of people are tempted to get do a mortgage refinancing on their homes to increase their savings. Aside from that, people who want to consolidate their bills are drawn into mortgage refinancing. There are countless other reasons why people go for mortgage refinancing when buying a new home. Some of these lenders are listed below, along with a brief outline on their variable rate mortgage product. Variable Rate Mortgage by ING Direct Mortgages The ING Direct line of variable rate mortgages offers one of the lowest rates available in the market today. With a variable rate mortgage interest rate of less than 0.60% for a full five-year term, ING Direct variable rate mortgages are among the top-sellers. The savvy investor can make it so that his investment using the money he gets from the per month difference growth of an interest-only mortgage can increase within a short period, thus leveraging incomes to build assets. This is partly the reason why interest-only mortgages are still preferred by big-time investors. To explain further on this, let's say you have a balloon payment mortgage with an interest rate of 7.5%. After seven years, an approximate 92% of the original balloon payment mortgage amount is due. For example, the amount of the balloon payment mortgage is $200,000. The interest rate for this balloon payment mortgage is 7.5%. The closing costs of an 80 20 mortgage loan are something that the buyer is expected to come up. According to Anthony Hsieh, president of HomeLoanCenter.com, an 80 20 mortgage loan "allows people to buy without a down payment." An 80 20 mortgage loan is also for people who would rather leave their savings alone in buying a house. When an adjustable-rate mortgage reaches a certain percentage, the interest rate will no longer increase for the duration of that period. But at the end of that period, the adjustable-rate mortgage payment will vary once more. Determining whether or not an adjustable-rate mortgage payment is the right type of loan for you usually depends on your financial situation.