{"id":103917,"date":"2025-07-24T12:21:04","date_gmt":"2025-07-24T19:21:04","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=103917"},"modified":"2025-07-25T10:15:55","modified_gmt":"2025-07-25T17:15:55","slug":"do-you-need-a-down-payment-to-refinance-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/","title":{"rendered":"Do You Need a Down Payment to Refinance a Mortgage?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Refinancing your mortgage is a significant financial decision, and understanding the costs involved is crucial. One of the most frequently asked questions is whether a down payment is required.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The short answer is no, a down payment is typically not needed when refinancing. However, you will almost certainly have to cover closing costs. This Redfin Real Estate article will walk you through everything you need to know about refinancing with no upfront cash.<\/span><\/p>\n<p><b>Here&#8217;s what we&#8217;ll cover:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Can you refinance with no money out of pocket?<\/b><span style=\"font-weight: 400;\"> We&#8217;ll explain how it&#8217;s possible to roll closing costs into your new loan, potentially eliminating the need for upfront cash.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>How to avoid paying closing costs.<\/b><span style=\"font-weight: 400;\"> Learn about &#8220;no-closing-cost&#8221; refinance options and other strategies to minimize your out-of-pocket expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>What is required for a mortgage refinance?<\/b><span style=\"font-weight: 400;\"> We&#8217;ll outline the key criteria lenders look for, including credit score, debt-to-income ratio, and home equity.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Whether you&#8217;re refinancing a <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">townhouse in Austin<\/span><\/a><span style=\"font-weight: 400;\"> or a brownstone in <\/span><a href=\"https:\/\/www.redfin.com\/neighborhood\/219258\/NY\/New-York\/Brooklyn\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Brooklyn<\/span><\/a><span style=\"font-weight: 400;\">, this guide will help you navigate the process and make an informed decision.<\/span><\/p>\n<h2><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-103918\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg\" alt=\"A white, cutout-style house sits on a wooden surface next to stacks of gold coins that gradually increase in height, representing growing equity or value. A bright yellow arrow dramatically curves upwards from the lowest stack of coins, pointing towards the top right, symbolizing an increase. The background is a solid, deep teal color. This image visually represents the concept of increasing home equity and financial growth, which is often a consideration when asking &quot;Do you need a down payment to refinance?&quot;\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334-450x300.jpg 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/h2>\n<h2><span style=\"font-weight: 400;\">What is refinancing a mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Refinancing a mortgage, explained by <\/span><a href=\"https:\/\/www.redfin.com\/definition\/refinancing\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Redfin<\/span><\/a><span style=\"font-weight: 400;\">, involves replacing your existing home loan with a new one, often to secure a lower interest rate or different loan terms. Refinancing can lead to significant savings on interest payments over the life of the loan, lowering your monthly payments or allowing you to pay off your loan faster.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Do you need a down payment to refinance a mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">No, a down payment is typically not needed when refinancing a mortgage. Your home&#8217;s existing <\/span><a href=\"https:\/\/www.redfin.com\/definition\/equity\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">equity<\/span><\/a><span style=\"font-weight: 400;\">, which is the percentage of the home&#8217;s value that you own, acts as your stake in the property. Lenders will evaluate your home&#8217;s equity, among other factors, to determine your eligibility and the terms of your new loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, while you don&#8217;t need a down payment, refinancing does come with its own set of expenses. These are known as closing costs, and they are the fees associated with processing and finalizing the new loan. These costs can include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Appraisal fee:<\/b><span style=\"font-weight: 400;\"> An appraiser assesses the current market value of your home.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loan origination fee:<\/b><span style=\"font-weight: 400;\"> This is a fee charged by the lender for the administrative work of processing your application.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Title services:<\/b><span style=\"font-weight: 400;\"> This includes a title search to ensure there are no legal issues with the property and title insurance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Recording fees:<\/b><span style=\"font-weight: 400;\"> These are fees paid to the local government to record the new mortgage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Other fees:<\/b><span style=\"font-weight: 400;\"> You may also encounter fees for a credit report, attorney fees, or a survey, among others.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">According to Experian, <\/span><a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/do-you-need-down-payment-to-refinance\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">these closing costs typically range from 2% to 6%<\/span><\/a><span style=\"font-weight: 400;\"> of the new loan amount. It&#8217;s important to understand these costs and factor them into your decision-making process. While it&#8217;s possible to roll these costs into your new loan, which means you won&#8217;t have to pay them upfront, doing so will increase your loan balance, and you will pay interest on that amount over time.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Equity requirements for mortgage refinancing?<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.redfin.com\/blog\/how-to-calculate-home-equity\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Home equity<\/span><\/a><span style=\"font-weight: 400;\"> is the portion of your home&#8217;s value that you own, and it&#8217;s a critical factor in mortgage refinancing. Lenders use it to gauge their risk; a higher equity stake makes you a more attractive and less risky borrower.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s a breakdown of the typical equity requirements for mortgage refinancing:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The 20% rule:<\/b><span style=\"font-weight: 400;\"> For a conventional refinance, lenders generally prefer you to have at least <\/span><b>20% equity<\/b><span style=\"font-weight: 400;\"> in your home. This is often expressed as a <\/span><a href=\"https:\/\/www.redfin.com\/definition\/loanto-value-ratio\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">loan-to-value (LTV) ratio<\/span><\/a><span style=\"font-weight: 400;\"> of 80% or less. The LTV ratio is the amount you&#8217;re borrowing divided by the home&#8217;s appraised value (LTV=Home\u2032s ValueLoan Amount\u200b). A lower LTV ratio is a strong indicator of financial stability and often leads to a better interest rate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Refinancing with less than 20% equity:<\/b><span style=\"font-weight: 400;\"> It is possible to refinance with less than 20% equity, but it often comes with a significant caveat:<\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-pmi-insurance\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\"> Private Mortgage Insurance (PMI)<\/span><\/a><span style=\"font-weight: 400;\">. If your LTV is above 80%, lenders will typically require you to pay PMI, which is an extra monthly fee that protects them in case you default on the loan. For a conventional rate-and-term refinance, you may qualify with as little as 3% equity, but you will have to pay PMI.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Government-backed loans:<\/b><span style=\"font-weight: 400;\"> Certain government-backed loan programs, such as FHA, VA, and USDA loans, have more flexible equity requirements.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>FHA:<\/b><span style=\"font-weight: 400;\"> FHA streamline refinances may have no specific equity requirement. For a cash-out refinance, however, you generally need 20% equity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>VA:<\/b><span style=\"font-weight: 400;\"> VA loans are known for their flexibility and may allow for both rate-and-term and cash-out refinances with little to no equity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>USDA:<\/b><span style=\"font-weight: 400;\"> For those with existing USDA loans, a streamline refinance may not have an equity requirement.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cash-out refinances:<\/b><span style=\"font-weight: 400;\"> If you plan to do a cash-out refinance to access your home&#8217;s equity, the requirements are typically stricter. Most lenders require you to have at least 20% equity and will cap the new loan amount at 80% of your home&#8217;s value.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To determine your home&#8217;s equity, you can use a simple formula:<\/span><\/p>\n<p><b><i>Home Equity = Home\u2032s Current Value \u2212 Mortgage Balance<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">Keep in mind that lenders will require a professional appraisal to get a definitive market value for your home during the refinance process.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Can I refinance with no money?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Yes, it is possible to refinance with no money out of pocket, but it doesn&#8217;t mean the costs disappear. When you hear &#8220;refinance with no money,&#8221; it&#8217;s referring to not having to pay for closing costs upfront. While you don&#8217;t need a down payment to refinance, you will still be responsible for the closing costs. The &#8220;no money&#8221; option is a way of handling those fees.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">How to avoid paying closing costs on a refinance?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You don&#8217;t technically &#8220;avoid&#8221; <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-are-closing-costs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">closing costs<\/span><\/a><span style=\"font-weight: 400;\">, but you can structure your refinance so that you don&#8217;t pay them out of pocket. There are two primary ways to do this, both of which mean the costs are paid over time:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Roll the costs into your new loan:<\/b><span style=\"font-weight: 400;\"> The closing costs are added to your new mortgage balance. While this means no upfront payment, it increases the total amount you owe, and you&#8217;ll pay interest on those costs over the life of the loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Take a higher interest rate:<\/b><span style=\"font-weight: 400;\"> The lender agrees to cover your closing costs in exchange for giving you a higher interest rate on your new mortgage. This may result in a higher monthly payment and a greater total interest paid over time compared to paying the costs upfront.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">How to get the lowest refinance rate?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Securing the best refinance rate can save you a significant amount of money. Here\u2019s how you can improve your chances:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Boost your credit score:<\/b><span style=\"font-weight: 400;\"> L<\/span><span style=\"font-weight: 400;\">enders offer the best rates to borrowers with excellent credit. Aim for a score of 740 or higher.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Shop around:<\/b><span style=\"font-weight: 400;\"> Get quotes from multiple lenders\u2014including banks, credit unions, and online lenders \u2014 to find the most competitive rate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lower your LTV:<\/b><span style=\"font-weight: 400;\"> Your <\/span><b>loan-to-value (LTV) ratio<\/b><span style=\"font-weight: 400;\"> compares your loan amount to your home\u2019s value. The more equity you have, the better your rate will be.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lower your DTI:<\/b><span style=\"font-weight: 400;\"> Your <\/span><b>debt-to-income (DTI) ratio<\/b><span style=\"font-weight: 400;\"> shows how much of your income goes toward debt. A lower DTI (36% or less) makes you a more attractive borrower.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Consider points and terms:<\/b><span style=\"font-weight: 400;\"> You can pay <\/span><b>discount points<\/b><span style=\"font-weight: 400;\"> upfront to get a lower interest rate. Also, shorter-term loans (like a 15-year mortgage) generally have lower rates than longer ones.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Timing: \u201cMarry the house and date the rate.\u201d<\/b><span style=\"font-weight: 400;\"> Don&#8217;t let high interest rates deter you from refinancing a home you love. The rate you get today is temporary. If rates drop in the future, you can always refinance again to secure a lower rate. This mindset allows you to act on a great property now, with the flexibility to improve your loan terms later.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Putting it all together<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The current <\/span><a href=\"https:\/\/www.redfin.com\/blog\/should-i-sell-my-house-now\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">real estate market<\/span><\/a><span style=\"font-weight: 400;\"> can be complex, and refinancing your mortgage offers several potential benefits. It can lower your monthly payments, freeing up cash for other goals. Additionally, a &#8220;cash-out&#8221; refinance allows you to tap into your home&#8217;s equity, which you could use for investments, home improvements, or other large expenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To explore if refinancing is the right choice for you and to understand if you&#8217;ll need a down payment, it&#8217;s wise to review current mortgage rates and consult with a lender. You can check <\/span><a href=\"https:\/\/www.redfin.com\/todays-mortgage-rates\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">current rates on platforms like Redfin<\/span><\/a><span style=\"font-weight: 400;\"> to get a better idea of what&#8217;s available.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Refinancing your mortgage is a significant financial decision, and understanding the costs involved is crucial. One of the most frequently asked questions is whether a down payment is required.\u00a0 The short answer is no, a down payment is typically not needed when refinancing. However, you will almost certainly have to cover closing costs. This Redfin [&hellip;]<\/p>\n","protected":false},"author":813,"featured_media":103918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276,34277],"tags":[36557],"coauthors":[36372],"class_list":["post-103917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-finance","tag-refinance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Do You Need a Down Payment To Refinance a Mortgage? - Redfin<\/title>\n<meta name=\"description\" content=\"Considering a mortgage refinance? A down payment isn&#039;t needed, but you&#039;ll have closing costs. Learn what to expect and how to prepare.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do You Need a Down Payment to Refinance a Mortgage?\" \/>\n<meta property=\"og:description\" content=\"Considering a mortgage refinance? A down payment isn&#039;t needed, but you&#039;ll have closing costs. Learn what to expect and how to prepare.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-24T19:21:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-25T17:15:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jasica Usman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jasica Usman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/\"},\"author\":{\"name\":\"Jasica Usman\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/437e6bfb06e9766e6bb78c6c25e6128a\"},\"headline\":\"Do You Need a Down Payment to Refinance a Mortgage?\",\"datePublished\":\"2025-07-24T19:21:04+00:00\",\"dateModified\":\"2025-07-25T17:15:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/\"},\"wordCount\":1419,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg\",\"keywords\":[\"refinance\"],\"articleSection\":[\"Buying a Home\",\"Finance\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2025\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/\",\"name\":\"Do You Need a Down Payment To Refinance a Mortgage? - Redfin\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg\",\"datePublished\":\"2025-07-24T19:21:04+00:00\",\"dateModified\":\"2025-07-25T17:15:55+00:00\",\"description\":\"Considering a mortgage refinance? A down payment isn't needed, but you'll have closing costs. Learn what to expect and how to prepare.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg\",\"width\":1200,\"height\":800,\"caption\":\"A white, cutout-style house sits on a wooden surface next to stacks of gold coins that gradually increase in height, representing growing equity or value. A bright yellow arrow dramatically curves upwards from the lowest stack of coins, pointing towards the top right, symbolizing an increase. The background is a solid, deep teal color. This image visually represents the concept of increasing home equity and financial growth, which is often a consideration when asking \\\"Do you need a down payment to refinance?\\\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/do-you-need-a-down-payment-to-refinance-a-mortgage\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Do You Need a Down Payment to Refinance a Mortgage?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/\",\"name\":\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\",\"description\":\"Real estate on Wall Street, Main Street and your street.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/Redfin-logo-512x512-1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/Redfin-logo-512x512-1.jpg\",\"width\":512,\"height\":512,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCMIuo1QSGcmWnevT9jdC_Ow\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/437e6bfb06e9766e6bb78c6c25e6128a\",\"name\":\"Jasica Usman\",\"description\":\"Jasica is a seasoned content marketer at Redfin with over five years of real estate experience. A licensed agent in Texas, she is an expert in making offers and negotiation strategies. Based in Dallas, Jasica is passionate about helping people make informed decisions. As a trusted voice at Redfin, her articles and campaigns guide buyers and sellers through the complexities of making an offer. Her ultimate goal is to empower everyone to achieve their dream of homeownership. In her free time, she loves new custom-built homes\u2014especially those with massive closets.\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/author\\\/jasica-usman\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Do You Need a Down Payment To Refinance a Mortgage? - Redfin","description":"Considering a mortgage refinance? A down payment isn't needed, but you'll have closing costs. Learn what to expect and how to prepare.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/","og_locale":"en_US","og_type":"article","og_title":"Do You Need a Down Payment to Refinance a Mortgage?","og_description":"Considering a mortgage refinance? A down payment isn't needed, but you'll have closing costs. Learn what to expect and how to prepare.","og_url":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/","og_site_name":"Redfin | Real Estate Tips for Home Buying, Selling &amp; More","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2025-07-24T19:21:04+00:00","article_modified_time":"2025-07-25T17:15:55+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg","type":"image\/jpeg"}],"author":"Jasica Usman","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Jasica Usman","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/"},"author":{"name":"Jasica Usman","@id":"https:\/\/www.redfin.com\/blog\/#\/schema\/person\/437e6bfb06e9766e6bb78c6c25e6128a"},"headline":"Do You Need a Down Payment to Refinance a Mortgage?","datePublished":"2025-07-24T19:21:04+00:00","dateModified":"2025-07-25T17:15:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/"},"wordCount":1419,"publisher":{"@id":"https:\/\/www.redfin.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg","keywords":["refinance"],"articleSection":["Buying a Home","Finance"],"inLanguage":"en-US","copyrightYear":"2025","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/blog\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/","url":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/","name":"Do You Need a Down Payment To Refinance a Mortgage? - Redfin","isPartOf":{"@id":"https:\/\/www.redfin.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg","datePublished":"2025-07-24T19:21:04+00:00","dateModified":"2025-07-25T17:15:55+00:00","description":"Considering a mortgage refinance? A down payment isn't needed, but you'll have closing costs. Learn what to expect and how to prepare.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/#primaryimage","url":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg","contentUrl":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/07\/MixCollage-24-Jul-2025-02-17-PM-4334.jpg","width":1200,"height":800,"caption":"A white, cutout-style house sits on a wooden surface next to stacks of gold coins that gradually increase in height, representing growing equity or value. A bright yellow arrow dramatically curves upwards from the lowest stack of coins, pointing towards the top right, symbolizing an increase. The background is a solid, deep teal color. This image visually represents the concept of increasing home equity and financial growth, which is often a consideration when asking \"Do you need a down payment to refinance?\""},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/blog\/do-you-need-a-down-payment-to-refinance-a-mortgage\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Do You Need a Down Payment to Refinance a Mortgage?"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/blog\/#website","url":"https:\/\/www.redfin.com\/blog\/","name":"Redfin | Real Estate Tips for Home Buying, Selling &amp; More","description":"Real estate on Wall Street, Main Street and your street.","publisher":{"@id":"https:\/\/www.redfin.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/blog\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/03\/Redfin-logo-512x512-1.jpg","contentUrl":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/03\/Redfin-logo-512x512-1.jpg","width":512,"height":512,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/www.youtube.com\/channel\/UCMIuo1QSGcmWnevT9jdC_Ow","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/blog\/#\/schema\/person\/437e6bfb06e9766e6bb78c6c25e6128a","name":"Jasica Usman","description":"Jasica is a seasoned content marketer at Redfin with over five years of real estate experience. A licensed agent in Texas, she is an expert in making offers and negotiation strategies. Based in Dallas, Jasica is passionate about helping people make informed decisions. As a trusted voice at Redfin, her articles and campaigns guide buyers and sellers through the complexities of making an offer. Her ultimate goal is to empower everyone to achieve their dream of homeownership. In her free time, she loves new custom-built homes\u2014especially those with massive closets.","url":"https:\/\/www.redfin.com\/blog\/author\/jasica-usman\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/posts\/103917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/users\/813"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/comments?post=103917"}],"version-history":[{"count":4,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/posts\/103917\/revisions"}],"predecessor-version":[{"id":103937,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/posts\/103917\/revisions\/103937"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/media\/103918"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/media?parent=103917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/categories?post=103917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/tags?post=103917"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/coauthors?post=103917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}