If you already have a conventional loan, stay conventional unless a specific benefit pulls you elsewhere. Conventional was presumably the right call when you bought, and refinancing alone doesn't change that. How the alternatives stack up: - FHA rarely wins. It adds an upfront mortgage insurance premium plus a monthly one, and with less than 10 percent equity (loan-to-value above 90 percent at origination), that monthly premium stays for the life of the loan. The narrow exception is a cash-out refinance with a lower credit score, where high loan-to-value conventional pricing gets very expensive and FHA cash-out can price out better. Confirm current FHA mortgage insurance rules before assuming. - VA and USDA only work if you fit them. VA requires VA eligibility. USDA has income limits and property-eligibility rules, and its refinances are limited to loans that are already USDA-financed. Most conventional borrowers can't simply choose either one. In practice, the far more common move runs the other direction: refinancing out of FHA into conventional to shed mortgage insurance once the equity and credit are there. The right answer depends on your equity, your credit, and whether you're pulling cash out, which is exactly what we'd map with you in the free Roadmap conversation, about 20 minutes where we run your real numbers.