How much equity do I need to refinance in California?

For a conventional rate-and-term refinance, most lenders require at least 5% equity (95% LTV). For a cash-out refinance, you typically need 20% equity remaining after the cash-out. FHA Streamline and VA IRRRL refinances have no minimum equity requirement in most cases.

What are current refinance rates in California?

Refinance rates in California move daily with the bond market. Options Home Loans has access to wholesale rates from 40+ lenders, which are typically 0.25–0.50% lower than retail bank rates. Call us or submit your information for a real-time rate quote with no credit pull required.

How long does a refinance take in California?

A typical refinance closes in 21–30 days. FHA Streamline and VA IRRRL refinances can close in as little as 14–21 days due to reduced documentation requirements. Options Home Loans provides a dedicated loan officer to keep your file moving quickly.

What are the closing costs for a refinance?

Refinance closing costs in California typically range from 2–5% of the loan amount. Options Home Loans offers no-closing-cost refinance options where costs are rolled into the rate, allowing you to refinance with zero out-of-pocket expense. We will show you a side-by-side comparison of both options.

Can I refinance if I have a second mortgage or HELOC?

Yes, but the second lien holder must agree to "subordinate" their position behind the new first mortgage. This is called a subordination agreement. Options Home Loans handles this process on your behalf and works directly with your second lender to coordinate the refinance.

What credit score do I need to refinance?

Conventional refinances typically require a 620+ credit score, with the best rates available at 740+. FHA refinances allow scores as low as 580. VA refinances have no minimum credit score set by VA, though individual lenders may require 580–620. Options Home Loans works with borrowers across the credit spectrum.

Is it worth refinancing if I only have 10 years left on my mortgage?

It depends on your break-even point — how long it takes for your monthly savings to exceed your closing costs. If you plan to stay in the home beyond the break-even point, refinancing can still make sense. Options Home Loans will calculate your exact break-even and show you the total interest savings over your remaining term.

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Mortgage Refinance — California 2026

Refinance Your Mortgage & Lower Your Rate Today

California homeowners can refinance to lower their interest rate, reduce monthly payments, access cash equity, or eliminate FHA mortgage insurance. Options Home Loans shops wholesale rates from 40+ lenders to find your lowest rate — with same-day quotes and no credit pull required to get started.

(949) 939-1622

40+

Wholesale Lenders

580

Min Credit Score

Same Day

Quote Turnaround

To Quote

No Credit Pull

Refinance Options

Which Refinance Is Right for You?

Rate & Term Refinance

Lower your interest rate, shorten your loan term, or both. Ideal if rates have dropped since you closed.

Cash-Out Refinance

Tap your home equity for debt consolidation, home improvements, or major expenses — at mortgage rates.

Streamline Refinance

FHA or VA borrowers can refinance with minimal paperwork, no appraisal required in most cases.

Remove Mortgage Insurance

Refinance from FHA to conventional once you have 20% equity and eliminate monthly MIP permanently.

Why Refinance Now

Reasons California Homeowners Refinance

Lower your monthly payment
Reduce your interest rate
Shorten your loan term
Access cash from your equity
Eliminate FHA mortgage insurance
Consolidate high-interest debt
Switch from ARM to fixed rate
Same-day pre-approval letters

Rate Snapshot

Today's Refinance Rates

Wholesale rates — updated daily. Rates assume 740+ credit, 20% equity, primary residence.

Loan Type	Rate	APR
30-Yr Fixed Refi	Call for Quote	—
20-Yr Fixed Refi	Call for Quote	—
15-Yr Fixed Refi	Call for Quote	—
FHA Streamline	Call for Quote	—
VA IRRRL	Call for Quote	—
Cash-Out Refi	Call for Quote	—

Rates change daily. for a real-time personalized quote.

Free Rate Quote

Get Your Refinance Rate in Minutes

No credit pull required · Takes 60 seconds · A licensed loan officer will contact you same day

FAQ

Refinance Questions Answered

About This Page

This page was written by the licensed mortgage professionals at Options Home Loans LLC (NMLS #2221613), a California mortgage broker licensed by the CA DFPI. We originate refinance loans across California with access to wholesale rates from 40+ lenders. All rate information is for illustrative purposes and subject to change. Not a commitment to lend. All loans subject to credit approval.

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