Not everyone qualifies for a regular rate-and-term refinance. You'll need to meet the following criteria: Home equity. Many lenders want you to have at least 20% equity in your home. Credit score. The minimum credit score will depend on which type of mortgage you are refinancing. A conventional mortgage requires at least a 620 score. Debt-to-income ratio. The DTI ratio you'll need also depends on which type of mortgage you have. Most lenders will be happy if your ratio is 36% or lower. There's some flexibility with these requirements. For example, a lender may approve you to refinance with a higher DTI ratio if you have an excellent credit score or more than 20% equity.