 TITLE: Is Now a Good Time to Refinance Your Mortgage? CONTENT: A mortgage refinance replaces your existing loan with a new one. The lender may require you to meet specific criteria, get preapproved, go through underwriting and sign closing documents.\nThere are several options to choose from:\n*   **Rate and term refinance**: This type of refinance can be used to reduce your loan's interest rate, adjust the length of your repayment term—or both. Depending on what you do, this could either raise or lower your monthly payment.\n*   **Cash-out refinance**: If you're looking to access some of the equity you've built up your home, this type of refinance can help you do that. It'll pay off your existing loan with a larger one and you'll collect the difference (minus fees). You may also qualify for a reduced interest rate.\n*   **FHA streamline refinance**: You can obtain a lower rate on your FHA (Federal Housing Administration) loan, minus the credit check and appraisal processes that accompany other refinance options.\n*   **USDA streamline refinance**: You can refinance a loan you received through the U.S. Department of Agriculture (a USDA loan), even if you have minimal or no equity.\n*   **VA interest rate reduction refinance loan (IRRRL)**: These loans lower the interest rate on loans available through the Department of Veterans Affairs. You can roll closing costs and processing fees into the new loan to avoid incurring out-of-pocket expenses when you refinance. END