You may want to refinance your mortgage to get a better mortgage rate, lock in a lower monthly payment, or receive cash in exchange for equity. But before you start filling out applications, you need to know whether you can refinance right now. To qualify for a mortgage refinance, you need to have a certain amount of equity in your home first. How much equity do you need to refinance? Most mortgage refinance lenders prefer that you have at least 20% home equity to refinance your current mortgage. Howev ...