You can also opt for a variable rate if you feel you can take advantage of that are usually implied by the variable rate loans lower interest rates.
(I) Fixed Rate: Here, the interest rate remains unchanged throughout the long-term period.

Therefore, if you refinance to a shorter-term mortgage, you can create this equity faster.

Home Equity Loan: A loan for a fixed amount of money using the equity in the home as collateral.

This is especially true when you are dealing with a company out of state.
Different mortgage refinancing companies can offer different rates depending on your financial history.