It completely depends on your home’s equity and your desired loan terms.
If you intend on cashing out your home’s equity, you’re able to proceed with the transaction when you have much greater than 20% home equity. This is because the maximum refinance amount is 80% of your home’s value.
If your refinance is non-cash out, you and your loan officer will have to determine if it’s financially advantageous to refinance. Typically, if refinancing for a lower rate, a rate decrease of 1-2% or more may make refinancing worthwhile.