Rate-and-Term Refinance

• Rate Refinance: Allows homeowners to refinance their existing mortgage to a lower interest rate, which can reduce monthly payments and total interest paid over time.
• Term Refinance: Enables homeowners to change the term of their mortgage, such as shortening from a 30-year to a 15-year loan, to pay off the mortgage faster.

Cash-Out Refinance

• A loan that lets homeowners refinance their mortgage and borrow more than the current loan balance. The difference between the new loan and the old loan is given to the borrower as cash, often used for home improvements, debt consolidation, or other financial needs.

Streamline Refinance

• FHA Streamline Refinance: A simplified refinance option for homeowners with FHA loans, offering lower paperwork requirements and potentially lower rates without needing a new appraisal.
• VA Interest Rate Reduction Refinance Loan (IRRRL): A fast refinance option for veterans with existing VA loans, designed to reduce interest rates with minimal documentation.