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]

Refinancing your mortgage can help you achieve a variety of goals, such as lowering your monthly payment, paying off your loan early, taking out cash, or getting rid of mortgage insurance. Here are seven home refinance options to choose from — and how to qualify for each one. The 7 types of home loan refinances Here is a basic run-down of the types of mortgage refinances you can choose from. Do a couple look like they would benefit you? We dive deeper into each option below. 1. Rate-and-term refinance ...