What are some options for existing homeowners looking to refinance their mortgages?

Existing homeowners looking to refinance their mortgages have several options, including refinancing to a lower interest rate, switching from an adjustable-rate to a fixed-rate mortgage, or accessing equity through a cash-out refinance. They can also consider refinancing to shorten the loan term or to remove private mortgage insurance (PMI) if they have built up enough equity in their home.