There are multiple refinance products available depending on what benefit you are looking for:
1. Rate Reduction Refi
This loan is used to reduce to reduce the interest rate, thereby reducing the monthly payment. Long term interest paid is lower.
2. Term Reduction Refi
This loan is used to reduce the number of years owed. Typically the payment will increase, but you will pay less interest over time.
3. Cash-out Refi
This loan is used when you want to pull equity from your home to do home improvements or repairs, pay for college, etc.
4. Consolidation Refi
This loan is used to combine multiple debts into one mortgage (i.e., paying off a first and second mortgage or other consumer debt).
5. Streamline Refi
VA or FHA borrowers have the option to reduce interest rates with limited documentation, no appraisal, and reduced fees.