Today's Refinance Rates Could Save You Thousands Instantly

Types of Refinancing Options

There are several refinancing options available, each catering to different financial situations:

• Rate-and-Term Refinance: This is the most common type of refinancing, where you change the interest rate, the term of the loan, or both, without altering the loan amount.
• Cash-Out Refinance: This option allows you to borrow more than you owe on your home, taking the difference in cash. It’s ideal for those looking to fund home improvements or consolidate high-interest debt.
• Cash-In Refinance: Opposite to cash-out, this involves paying down your mortgage balance to qualify for a lower interest rate or to eliminate private mortgage insurance.