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How often can I refinance?
How often can I refinance? I want to refinance now, but I'm wondering if mortgage rates will go down more and should I wait?? Or can I refinance now and then again when the rates drop?
Asked By Ivan | Raleigh, NC | 449 views | Home Loans | Created 1 month ago
Answer(7)
Jason Craig
Coldwell Banker
Hi Ivan,
There’s actually no hard limit on how often you can refinance—it mostly comes down to whether the new loan makes financial sense after you factor in closing costs and fees. Some lenders have a “seasoning” period (usually 6 months) before they’ll let you refinance again, but otherwise you can refinance whenever it benefits you.
If rates drop in the future, you could absolutely refinance again. The key is to run the numbers each time: look at how much your payment drops, how long it would take to break even on the costs, and how long you plan to stay in the home.
A good local lender or mortgage broker in Raleigh can help you model different scenarios so you’ll know whether refinancing now or waiting makes the most sense for you.
There’s actually no hard limit on how often you can refinance—it mostly comes down to whether the new loan makes financial sense after you factor in closing costs and fees. Some lenders have a “seasoning” period (usually 6 months) before they’ll let you refinance again, but otherwise you can refinance whenever it benefits you.
If rates drop in the future, you could absolutely refinance again. The key is to run the numbers each time: look at how much your payment drops, how long it would take to break even on the costs, and how long you plan to stay in the home.
A good local lender or mortgage broker in Raleigh can help you model different scenarios so you’ll know whether refinancing now or waiting makes the most sense for you.
- 1 month ago
Helpful (2)
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Michael Miceli
Real Broker NY LLC
You can refinance as many times as you want. There isn’t a strict limit, but each refinance comes with costs like closing fees and an appraisal. That means it only makes sense if the savings are greater than what you pay to do it.
Most people wait until rates drop by at least half a percent to a full percent before refinancing. If you refinance now and rates drop again, you can refinance again, but you’ll be paying those costs twice.
The best way to decide is to partner with a good lender and run the numbers: look at how much your monthly payment would go down, how long it would take to cover the costs, and whether waiting could save you more.
Most people wait until rates drop by at least half a percent to a full percent before refinancing. If you refinance now and rates drop again, you can refinance again, but you’ll be paying those costs twice.
The best way to decide is to partner with a good lender and run the numbers: look at how much your monthly payment would go down, how long it would take to cover the costs, and whether waiting could save you more.
- 1 month ago
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Amanda Courtney
REP Realty Group
There is technically no limit on how many times you can refinance your home. However, most lenders require a seasoning period (often 6 months to a year) between refinances. The real question is whether refinancing makes financial sense. You’ll want to weigh the closing costs, interest rate savings, and how long you plan to stay in the home before deciding.
- 1 month ago
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Robin Young
Compass
Great question— short answer: there’s no hard limit on how many times you can refinance, but each loan type has “seasoning” rules (how long you must wait) and you should only refi when the math pencils out.
Typical waiting periods (owner-occupied loans)
Conventional (Fannie/Freddie)
Rate/term (aka limited cash-out): generally no minimum wait in the Selling Guides (lenders may add overlays). Fannie Mae Selling Guide
Cash-out: at least 6 months on title before disbursement (with a few exceptions like inheritance/divorce awards). Fannie Mae Selling Guide
FHA
Streamline (refi of an existing FHA loan to lower rate/payment): must have made 6 payments, 6 months since first payment due date, and 210 days since the prior closing.
FDIC,VAIRRRL (streamline) & cash-out: law and VA guidance require 210 days from the first payment due date and at least 6 consecutive payments. BenefitsStreamlined / Streamlined-Assist: loan generally must be at least 12 months old with a run of on-time payments; some references cite 6–12 months depending on program variant—expect ~12 months as the conservative rule.
Rural Development
Reality check before you refi again
Costs vs. savings: Calculate break-even (closing costs ÷ monthly savings). If you won’t keep the loan past break-even, don’t do it (even if the rate is shiny).
Prepayment penalties: Rare on primary-residence QM loans, but always confirm “no prepay penalty” in your current note.
Lender overlays & EPOs: Even if the agency allows a quick refi, some lenders won’t touch loans refinanced within ~6 months due to early-payoff risk.
Appraisal/equity: Conventional refis usually price best with ≥20% equity; program rules and pricing adjust below that.
Program eligibility: Government streamlines often require a net tangible benefit (lower rate/payment, recoup window, etc.). VA in particular enforces this.
Benefits
Bottom line
You can refinance again whenever you meet the program’s wait rules and the math makes sense. If you tell me the current loan type, first-payment date, and whether you’re eyeing cash-out, I’ll map your earliest eligible date for each refi path and do a quick break-even so you know if it’s worth it—or just mortgage FOMO.
Typical waiting periods (owner-occupied loans)
Conventional (Fannie/Freddie)
Rate/term (aka limited cash-out): generally no minimum wait in the Selling Guides (lenders may add overlays). Fannie Mae Selling Guide
Cash-out: at least 6 months on title before disbursement (with a few exceptions like inheritance/divorce awards). Fannie Mae Selling Guide
FHA
Streamline (refi of an existing FHA loan to lower rate/payment): must have made 6 payments, 6 months since first payment due date, and 210 days since the prior closing.
FDIC,VAIRRRL (streamline) & cash-out: law and VA guidance require 210 days from the first payment due date and at least 6 consecutive payments. BenefitsStreamlined / Streamlined-Assist: loan generally must be at least 12 months old with a run of on-time payments; some references cite 6–12 months depending on program variant—expect ~12 months as the conservative rule.
Rural Development
Reality check before you refi again
Costs vs. savings: Calculate break-even (closing costs ÷ monthly savings). If you won’t keep the loan past break-even, don’t do it (even if the rate is shiny).
Prepayment penalties: Rare on primary-residence QM loans, but always confirm “no prepay penalty” in your current note.
Lender overlays & EPOs: Even if the agency allows a quick refi, some lenders won’t touch loans refinanced within ~6 months due to early-payoff risk.
Appraisal/equity: Conventional refis usually price best with ≥20% equity; program rules and pricing adjust below that.
Program eligibility: Government streamlines often require a net tangible benefit (lower rate/payment, recoup window, etc.). VA in particular enforces this.
Benefits
Bottom line
You can refinance again whenever you meet the program’s wait rules and the math makes sense. If you tell me the current loan type, first-payment date, and whether you’re eyeing cash-out, I’ll map your earliest eligible date for each refi path and do a quick break-even so you know if it’s worth it—or just mortgage FOMO.
- 4 weeks ago
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Christina Segreti
RE/MAX Lake of The Ozark
There’s no hard limit on how often you can refinance a mortgage — in theory, you could do it multiple times. The main things to watch are lender rules, closing costs, and timing. Some lenders require you to wait 6 months after your last refinance (a “seasoning period”), and every refinance comes with fees that can add up.
A good way to decide is to run the numbers: how much will refinancing now save you each month versus how long it will take to break even on the closing costs? If rates drop further later, you can refinance again — but you’ll pay those costs again, too.
That’s why many people will refinance when rates drop enough to justify the expense (rule of thumb: saving at least 0.5–1% in rate and planning to stay in the home long enough to recoup costs).
So yes, you can refinance more than once, but the smartest move is to look at your break-even point now and weigh it against the likelihood of future rate drops.
A good way to decide is to run the numbers: how much will refinancing now save you each month versus how long it will take to break even on the closing costs? If rates drop further later, you can refinance again — but you’ll pay those costs again, too.
That’s why many people will refinance when rates drop enough to justify the expense (rule of thumb: saving at least 0.5–1% in rate and planning to stay in the home long enough to recoup costs).
So yes, you can refinance more than once, but the smartest move is to look at your break-even point now and weigh it against the likelihood of future rate drops.
- 1 month ago
- Helpful (0)
- Unhelpful (0)
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