You do have refinancing options you can choose from.
No cash-out refinance. This is the most common option and may make sense if you’re looking to Lower your mortgage rate. If mortgage rates are lower than when you closed on your current mortgage,
Refinancing involves paying out your current loan with a new one. It may shorten your loan term and reduce your repayments, so you can afford to make extra mortgage repayments and own your home sooner. Borrowers can replace their current debt obligation with more favourable terms and a better interest rate.