7 types of mortgage refinance options

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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.

Learn about 6 times when it's a good idea to refinance your mortgage.

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.

Homeowners with a lot of home equity who need access to cash

People with FHA, VA, or USDA loans who want to skip the appraisal process

Homeowners who don't have the up-front cash for closing costs

Borrowers with extra cash who want to refinance into a smaller loan

Those who owe more on their home than it's worth

Senior homeowners who want an additional source of income

A rate-and-term refinance changes your interest rate, term length, loan type, or some combination of these three. It's what you might thin

Fuente original: Yahoo Finance (https://finance.yahoo.com/personal-finance/mortgages/article/types-of-mortgage-refinance-options-173007239.html)