You can refinance your house typically as soon as 30 days after obtaining your current mortgage if it is a conventional loan. For government-backed loans, the waiting period may be longer, sometimes up to 7 months to 24 months, depending on the loan type. A common requirement before refinancing is a "seasoning" period, often at least six months from the time you closed your original loan. Other important factors to consider before refinancing include whether current mortgage rates are lower than your existing rate, your home equity, credit history, and refinancing costs. It often makes sense to refinance when you can secure a significantly lower interest rate or need to adjust your loan terms for other reasons. In summary:
- Conventional mortgages: usually as soon as 30 days after origination.
- FHA loans: typically require 7 months after closing for a streamline refinance.
- Cash-out refinances: often require 12 months or more with on-time payments.
- Government loans or certain conditions: sometimes up to 24 months waiting.
- It's also wise to refinance when rates have dropped enough to save money after accounting for costs.
- Refinancing too frequently without clear benefits can affect your credit score or raise lender concerns.
Therefore, the best time to refinance your house depends on the type of loan you have, how recently you refinanced, and current market conditions, with many experts recommending waiting at least six months to a year before refinancing again if possible.
