A conventional refinance goes through many of the same steps required to close a conventional purchase loan. Similar to when you purchased your house, you will need another home appraisal for a conventional refinance so that we can understand the value of the house. Once the value is determined, we can finalize the details of your loan to determine how much your monthly payments will be reduced with a rate and term refinance or how much cash you can borrow with a cash-out refinance.