Want to refinance your mortgage? Here are 7 home refinance options.

Core Insights - The article discusses various mortgage refinance options available to homeowners, highlighting their benefits and suitability for different financial goals Types of Mortgage Refinances - Rate-and-term refinance allows changes to interest rate, term length, or loan type, typically beneficial when refinance rates are lower than existing mortgage rates [2][3] - Cash-out refinance enables homeowners to access home equity by taking a larger loan than the current mortgage balance, with the difference provided in cash [4] - Streamline refinance simplifies the refinancing process for the same loan type, often without the need for credit checks or appraisals, reducing closing costs [5][6] - No-closing-cost refinance eliminates upfront closing costs, but these costs may be rolled into the loan balance or compensated with a higher interest rate [6][7] - Cash-in refinance involves making a large lump sum payment to reduce the loan balance, potentially leading to lower rates and payments [8][9] - Short refinance is an option for homeowners who owe more than their home is worth, allowing them to refinance into a smaller loan [10][11] - Reverse mortgage allows homeowners aged 62 and older to convert home equity into cash without monthly payments, repaid upon sale or death [12][13] Choosing the Right Refinance Option - The best mortgage refinance option varies by individual financial goals, budget, current mortgage type, and market conditions [14][20] - Common refinancing options include rate-and-term, cash-out, cash-in, short refinances, streamline, and no-closing-cost refinances, with the rate-and-term being the most prevalent [16][21]