Cash-in Can pay a lot of money at once No-closing-cost Can make higher monthly payments Streamline Have an FHA, VA, or USDA mortgage FMERR or HIRO Have a conventional mortgage 1. Rate-and-term refinance A rate-and-term refinance is probably what you think of as a "regular refinance." You replace your original mortgage with a new one with different terms. Your interest rate and monthly payments will change, and you'll probably refinance into a new term length. Conventional, FHA, VA, and USDA mortgages are eligible for rate-and-term refinancing. You'll need a certain credit score, debt-to-income ratio, and amount of equity in your home â but the exact requirements will depend on which type of mortgage you have.