>Do they also have the ability to refinance long term to a lower rate if it becomes available? Yes. You can also borrow against whatever equity you have in you

>Do they also have the ability to refinance long term to a lower rate if it becomes available? Yes. You can also borrow against whatever equity you have in your house. Say you bought a house for $200 and it's now worth $250, you can borrow against part of that $50K equity if you refinance, for example if you need a new roof. I don't think you can borrow 100% of your equity though, I seem to remember 80%. It's been a while since I've done it.