Another reason to do a cash-in refinance is to shorten or lengthen your loan term. If you shorten your loan https://paydayloansohio.net/cities/willoughby/ term, you end up with a lower rate compared to loans that have longer terms because investors don't have to project inflation as far out. You also save thousands on interest by paying off your mortgage sooner.
On the other hand, going with a longer-term mortgage means the opportunity to have a lower monthly payment. The trade-off is a higher interest rate because inflation is being projected further. You also pay more in interest by taking longer to pay the mortgage off.