Homeowners who want to refinance to get a fixed or lower interest rate, though perhaps not as attractive a rate as they might have been offered a few months ago, can use a similar strategy. In this case, the approach is a "cash-in" refinance, in which the homeowner brings cash into the new mortgage to reduce the loan amount and payment.
The advantage is a smaller monthly outlay and better cash flow. The disadvantage is having to put up the cash, which then cannot be used for other purposes.