Arizona homeowners
Refinancing in Arizona: rate-and-term, cash-out, and streamline options
Refinancing replaces your current mortgage with a new one. Here's how the main types work, how Arizona home values have changed (which affects your equity), and how to decide whether a refinance makes sense.
Two ways to start
- Search homes by payment
Create your free account to see all homes for sale that fit the monthly payment you're comfortable with, each with its actual property taxes, HOA dues, estimated homeowners insurance, and mortgage insurance when it applies, plus its own estimated closing costs and APR disclosure.
Opens a third-party home search site. Payments shown there are estimates to help you search, not a loan offer or rate quote. Your actual payment depends on price, down payment, credit, taxes, insurance, HOA, and loan program.
- Get pre-qualified (Apply now) (opens in a new tab)
Get pre-qualified with Rebel Rate Mortgage. Once you're pre-qualified, your home search is tied directly to your pre-qualification, so the homes you see fit what you qualify for.
Opens Rebel Rate Mortgage's secure online application (my1003app.com) in a new tab. Pre-qualification isn't a loan approval or a commitment to lend; approval depends on underwriting, verification of your information, and the property.
Applications are handled by Pam Messina, NMLS #245626, Rebel Rate Mortgage, Inc. (NMLS #2571369).
How does refinancing work in Arizona?
Quick answer: Refinancing replaces your current mortgage with a new loan, either to change the rate, term, or loan type, or to take cash out of your equity. Arizona's FHFA home price index changed +36.3% over five years through 2026 Q2. Compare closing costs with expected savings before deciding.
Source: FHFA House Price Index (released August 25, 2026); VA.gov, IRRRL; CFPB HELOC booklet; retrieved October 1, 2026. Last updated .
Types of refinance
- Rate-and-term refinance: a new loan for about the same balance, to change the interest rate, the loan term, or the loan type (for example, from an adjustable rate to a fixed rate, or from FHA to conventional to drop mortgage insurance).
- Cash-out refinance: a new, larger loan that pays off the old one, with the difference paid to you in cash. The CFPB notes closing costs are generally higher than for a HELOC, and it may take longer to pay off your mortgage.
- VA streamline (IRRRL): for an existing VA-backed loan, to get a lower interest rate or move from an adjustable to a fixed rate. You must certify that you live or used to live in the home (VA.gov).
- VA cash-out refinance: for eligible veterans, to take equity out or refinance a non-VA loan into a VA-backed one. You must live in the home (VA.gov).
Sources: CFPB, What you should know about home equity lines of credit (comparison of cash-out refinance and HELOC); VA.gov, IRRRL and cash-out refinance. Retrieved October 1, 2026.
How Arizona home values have changed
Your equity is your home's value minus what you owe. Arizona's statewide FHFA House Price Index changed +36.3% over the five years to 2026 Q2 and +0.9% over the most recent year, with differences by metro:
| Area | 1 year | 5 years | 10 years |
|---|---|---|---|
| Phoenix-Mesa-Chandler metro | +0.8% | +35.8% | +119.6% |
| Tucson metro | +1.9% | +39.5% | +110.2% |
| Flagstaff metro | +2.9% | +46.7% | +118.0% |
| Prescott Valley-Prescott metro | −0.7% | +34.5% | +112.4% |
| Lake Havasu City-Kingman metro | 0.0% | +27.0% | +112.4% |
| Yuma metro | 0.0% | +40.8% | +101.6% |
| Sierra Vista-Douglas metro | −0.8% | +39.4% | +97.1% |
| Arizona statewide | +0.9% | +36.3% | +116.1% |
Source: FHFA, House Price Index datasets (data through 2026 Q2, released August 25, 2026; downloaded September 26, 2026). The index measures average value changes for the same homes over time; it isn't an appraisal of any home, and past changes don't predict future values.
An appraisal on your own home decides the value a lender uses. See 2026 loan limits by county for how much a conforming or FHA refinance can be.
Does refinancing make sense?
- Know your goal: a different rate or term, removing mortgage insurance, changing loan type, or taking cash out.
- Count the closing costs. VA suggests dividing your closing costs by how much you expect to save each month to see how long it takes to break even. If you'll move before then, a refinance may not pay off.
- Look at total cost, not just the monthly payment. Restarting or extending a loan term can mean paying more interest overall.
- Be careful with offers that sound too good to be true. VA warns about claims that you can skip payments or get very low rates.
- Compare Loan Estimates from more than one lender on the same day.
Sources: VA.gov, IRRRL and cash-out refinance; CFPB, Loan Estimate explainer. Retrieved October 1, 2026.
Cash-out refinance vs. HELOC vs. home equity loan
| Cash-out refinance | HELOC | Home equity loan | |
|---|---|---|---|
| How it works | Replaces your mortgage with a larger one | A line of credit you draw on as needed | A second loan paid as a lump sum |
| Your first mortgage | Paid off and replaced | Stays in place | Stays in place |
| Rate type (typically) | Variable or fixed | Variable | Fixed |
| Home at risk if you don't repay? | Yes | Yes | Yes |
Source: CFPB, HELOC booklet and What is a home equity loan?, retrieved October 1, 2026. More on lines of credit: HELOCs in Arizona.
Rebel Rate Mortgage, Inc. offers refinancing in Arizona, including conventional, FHA, VA, and cash-out options. Daryle Messina (NMLS #183491) can compare a refinance with a HELOC for your goal.
Rebel Rate Mortgage, Inc. is family-owned, with family values. Read our reviews, they tell the story. Questions? Daryle Messina (NMLS #183491): Call or text 602-740-9664 (Monday to Friday, 8 a.m. to 6 p.m. Arizona time (MST, no daylight saving). Closed Saturday and Sunday.).
General information for Arizona home buyers, not a loan offer, rate quote, or commitment to lend. Program rules come from the official sources linked on this page and can change. All loans are subject to credit approval, underwriting, and property eligibility, and not all applicants will qualify. Rebel Rate Mortgage, Inc. is not a government agency and is not affiliated with or endorsed by HUD, FHA, the Department of Veterans Affairs, FHFA, Fannie Mae, or Freddie Mac. We don't quote interest rates on this site. A Loan Estimate shows the actual terms for a specific loan.
Related loan guides
- 2026 Arizona loan limits
- FHA loans
- VA loans
- Conventional & jumbo
- USDA loans
- HELOC
- Non-QM loans
- Bank statement loans
- Rebel Rate Mortgage
Two ways to start: search by payment, or get pre-qualified
Search Arizona homes with each home's taxes, HOA dues, and insurance built into the estimated payment, or apply with Rebel Rate Mortgage. Daryle Messina (NMLS #183491) can review which loan type fits.
Two ways to start
- Search homes by payment
Create your free account to see all homes for sale that fit the monthly payment you're comfortable with, each with its actual property taxes, HOA dues, estimated homeowners insurance, and mortgage insurance when it applies, plus its own estimated closing costs and APR disclosure.
Opens a third-party home search site. Payments shown there are estimates to help you search, not a loan offer or rate quote. Your actual payment depends on price, down payment, credit, taxes, insurance, HOA, and loan program.
- Get pre-qualified (Apply now) (opens in a new tab)
Get pre-qualified with Rebel Rate Mortgage. Once you're pre-qualified, your home search is tied directly to your pre-qualification, so the homes you see fit what you qualify for.
Opens Rebel Rate Mortgage's secure online application (my1003app.com) in a new tab. Pre-qualification isn't a loan approval or a commitment to lend; approval depends on underwriting, verification of your information, and the property.
Applications are handled by Pam Messina, NMLS #245626, Rebel Rate Mortgage, Inc. (NMLS #2571369).
Prefer to talk it through? Daryle Messina, NMLS #183491
Sources
- VA.gov, Interest rate reduction refinance loan (IRRRL) (retrieved October 1, 2026)
- VA.gov, Cash-out refinance loan (retrieved October 1, 2026)
- CFPB, What you should know about home equity lines of credit (booklet, PDF) (retrieved October 1, 2026)
- CFPB, What is a home equity loan? (last reviewed September 11, 2024; retrieved October 1, 2026)
- CFPB, Loan Estimate explainer (retrieved October 1, 2026)
- U.S. Federal Housing Finance Agency, FHFA House Price Index datasets (All-Transactions Index, data through 2026 Q2, released August 25, 2026; downloaded September 26, 2026)
- CFPB, When can I remove private mortgage insurance (PMI) from my loan? (last reviewed August 28, 2026; retrieved October 1, 2026)
Frequently asked questions
What's the difference between rate-and-term and cash-out refinancing?
A rate-and-term refinance replaces your loan for about the same balance to change the rate, term, or loan type. A cash-out refinance takes a larger loan and pays you the difference.
How do I know if refinancing is worth it?
Compare closing costs with the monthly savings to see how long it takes to break even, as VA suggests, and compare the total cost over the time you expect to keep the loan.
Can I refinance a VA loan in Arizona?
Yes. VA offers the IRRRL for existing VA loans and a cash-out refinance for eligible veterans who live in the home, through private lenders.
How much have Arizona home values changed?
The FHFA House Price Index for Arizona changed +36.3% over five years and +0.9% over one year, through 2026 Q2. Your own home's value comes from an appraisal.
Can I remove FHA mortgage insurance by refinancing?
Refinancing from FHA into a conventional loan can replace FHA mortgage insurance with PMI or none, depending on your equity. Compare the costs of both.