Rate-and-Term Refinance: This option allows you to change the interest rate, loan term, or both without altering the principal balance significantly. It’s ideal for securing a lower monthly payment or a shorter loan duration.

Cash-Out Refinance: This enables you to borrow more than you currently owe on your home, receiving the difference in cash. It’s often used for significant expenses like home improvements or debt consolidation.

Cash-In Refinance: With this option, you pay a lump sum towards your mortgage to achieve a lower loan-to-value ratio, which may help you qualify for better terms or eliminate private mortgage insurance.
Refinancing can offer benefits such as reduced monthly payments, lower interest costs over time, or access to funds for large expenses. However, it’s essential to consider closing costs and the length of time you plan to stay in your home to ensure refinancing aligns with your financial goals.