Timing Your Refi: How Soon Can I Refinance My Mortgage?

Refinancing your mortgage can lower your payments, shorten your loan term, or give you access to cash. But how soon can you refinance a home loan after buying or closing? The answer depends on your loan type and your lender’s rules.

This guide breaks down refinancing timelines for conventional, FHA, VA, and jumbo loans, plus what to consider before you apply.

Ready to see your options? Start your digital refinance application — it only takes a few minutes!

When Can You Refinance?

The timeline for refinancing depends on the mortgage program:

Conventional Loans

• Rate-and-term refinance: You may be able to refinance immediately after closing, though many lenders require a six-month “seasoning period.”

• Cash-out refinance: Typically requires at least six months after your original closing.

FHA Loans

• FHA Streamline & Cash-out Refinance: 210 days from closing + six on-time payments.

• Rate-and-term refinance: No seasoning requirement

VA Loans

• IRRRL (VA Streamline Refinance): 210 days from closing or six on-time payments.

• Cash-out refinance: Same 210-day or six-payment rule.

Jumbo Loans

• Requirements vary by lender. Expect at least six months before refinancing.

Loan Modifications

• If your loan was recently modified, most lenders require a 3–to 24-month waiting period before allowing refinance.

Is It Smart to Refinance Quickly?

Refinancing soon after purchase may make sense if you want to:

• Lower monthly payments by extending your loan term.

• Eliminate PMI or FHA MIP if your home value has risen. Learn more about PMI removal.

• Lock in a lower rate or switch from an ARM to a fixed-rate mortgage.

• Access home equity through a cash-out refinance

• Pay off your home faster by switching from a 30-year to a 15 or 20-year loan.

When Refinancing Makes the Most Sense

Consider refinancing if:

• Your credit score has improved, potentially unlocking lower rates.

• You have funds for a larger down payment, reducing costs and interest.

• You want to consolidate debt into a lower-rate mortgage.

• You’d like to combine multiple loans (like a HELOC and primary mortgage).

• A major life change (divorce, inheritance, or co-borrower change) requires updating loan terms.

How Refinancing Affects Credit

Applying for a refinance involves a hard credit inquiry, which may drop your credit score by a few points. The impact is usually minimal, especially if you shop rates within the same 14–45 day window (counted as one inquiry).

Longer-term, a new loan resets your account history and can slightly reduce your score, but the benefits of refinancing often outweigh the small dip.

How to Refinance

You can apply with your current lender or shop around for better terms. With Premia Mortgage, our digital application takes just a few minutes. One of our experts can help you explore whether refinancing is the right move for your goals.

Mortgage Refinance FAQs:

Can I refinance with bad credit?
Yes. Government-backed programs (FHA, VA) may offer more flexibility. Improving your credit first could get you better terms.

What does refinancing cost?
Expect 2–5% of the loan amount in closing costs (appraisal, title, origination fees). Some lenders offer “no-closing-cost” refinance options.

How long does it take?
Most refinances close in 30–45 days. Timelines depend on documentation and lender speed.

Can I refinance if I’m underwater?
It’s possible through specific programs, though options are limited. Speak with your lender about alternatives.

Bottom line

How soon you can refinance depends on your loan type, payment history, and lender guidelines. The right timing could save you thousands over the life of your mortgage. Start your refinance application today to see your options.

Premia Mortgage, LLC., has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture, or any other government agency.

Using funds from a Cash-out Refinance to consolidate debt may result in the debt taking longer to pay off, as it will be combined with the borrower’s mortgage principal amount and will be paid off over the full loan term. Contact Premia for more information.

By refinancing, you may pay more in costs and interest over the extended term.

Applicant is subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of the application does not represent an approval for financing or interest rate guarantee. Restrictions may apply; contact Premia for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Premia Mortgage, LLC., does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Premia Mortgage, LLC. Premia does not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Premia does not provide tax advice. Please contact your tax adviser for any tax-related questions.