A rate-and-term refinance changes your rate/term with no cash. A cash-out gives you equity as cash. A streamline (FHA/VA) is a fast, low-doc rate reduction. Your goal picks the type.
Matching goal to type
Want a lower payment or shorter term? Rate-and-term. Need cash? Cash-out. Have an FHA or VA loan and just want a lower rate fast? A streamline can skip much of the paperwork and sometimes the appraisal.
Choosing
We start from your goal, then pick the type that reaches it at the lowest total cost — and compare against keeping your current loan plus a second lien where relevant.
| Factor | Rate-Term / Cash-Out / Streamline |
|---|---|
| Takes cash | No / Yes / No |
| Speed | Standard / Standard / Fast |
| Appraisal | Usually / Yes / Often waived |
| Best for | Lower rate/term / Equity / Quick FHA/VA rate cut |
Frequently asked questions
What is a streamline refinance?
An FHA or VA program that lowers your rate with reduced documentation and often no appraisal, for borrowers who already have those loans.
Rate-and-term or cash-out?
If you don’t need cash, rate-and-term is cheaper and simpler. Cash-out only when you need the equity.
Can I switch loan types when refinancing?
Yes — e.g., FHA to conventional to drop mortgage insurance, or ARM to fixed. We’ll map the best move.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.