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Types of Mortgage Refinancing

There are several types of mortgage refinancing options available:

• Rate-and-Term Refinance: This is the most common type, where you refinance to get a lower interest rate or change the loan term.
• Cash-Out Refinance: This option allows you to take out a new loan for more than you owe and pocket the difference in cash. It's often used for home improvements or debt consolidation.
• Cash-In Refinance: This involves paying down some of the loan balance to qualify for a lower interest rate or to eliminate private mortgage insurance (PMI).