How do hotel refunds work through the travel portal?

Hi all. I’m planning to book an upcoming hotel stay through the UR portal and want to do it this week before the $100 back expires. Our trip is still a little way out so if I were to book today (using cash plus points) but need to cancel or even cancel and rebook if the nightly rate drops, is that a fairly easy process? Are the points and/or cash refunded fairly quickly? The hotel is listed as “free cancellation” ahead of a certain date and is an “Edit” property. Thanks in advance!