Types of refinance
- Rate-and-term: replace your loan with a lower rate or different term
- Cash-out: borrow against your equity, up to 80% of value on most conventional loans
- FHA streamline: a simplified FHA-to-FHA refinance
- VA IRRRL: a streamlined VA-to-VA refinance
- FHA to conventional: remove FHA mortgage insurance once you have enough equity
Is refinancing worth it?
Greg compares your current payment with the new one and divides your closing costs by the monthly savings to find your break-even point. If you'll stay in the home past that point, a refinance usually makes sense. He'll also tell you when it doesn't.
What you'll need
Recent pay stubs and W-2s, bank statements, your current mortgage statement, and your homeowners insurance details. Many refinances also need an appraisal.
Frequently asked questions
How much equity do I need to refinance?
It depends on the loan. Rate-and-term refinances can work with modest equity, while cash-out refinances usually leave at least 20% equity in the home on conventional loans.
Will refinancing restart my 30 years?
Only if you choose a new 30-year term. You can often pick a 15- or 20-year term, or a term that keeps your original payoff date.
How long does a refinance take?
Many refinances close in about 30 days, depending on appraisal timing and how quickly documents come in.
Information is general and current as of November 2026. Program availability, terms, and limits change; Greg confirms what applies to you.