Refinancing your mortgage can be a smart financial move, allowing you to lower your interest rate, reduce monthly payments, or access equity. Here are some common refinancing options:

Rate-and-Term Refinance

This option allows you to change the interest rate and/or the term of your loan. It’s ideal for those looking to lower their monthly payments.

Cash-Out Refinance

With a cash-out refinance, you can borrow more than you owe on your current mortgage and take the difference in cash. This is useful for funding home improvements or paying off debt.

Streamline Refinance

Available for certain government-backed loans, streamline refinancing simplifies the process and often requires less documentation.

Before deciding to refinance, consider your long-term financial goals and consult with a mortgage professional.