Curious about how soon you can refinance your mortgage? Learn the facts about the home refinancing process and timeline.
How soon can I refinance my mortgage? Whether you want to consolidate high-interest debt or lower your current mortgage interest rate, refinancing can be a good option for homeowners. The timeline for when you can refinance depends on several different factors. Take a closer look at what impacts mortgage refinancing to help you determine when you can move forward.
The two primary factors that determine when you can refinance are your mortgage lender and the type of refinance you need. Some lenders have penalties for prepayment that can be problematic for homeowners trying to refinance within three to five years after the purchase. Other lenders require a specific waiting period between the two loans, which can limit your refinancing options.
How does the refinance type come into play? If you want a cash-out refinance, there is typically a waiting period of six months following the closing of your mortgage loan.
Depending on the type of mortgage loan you have, here’s how soon you can typically refinance:
Is now the right time to refinance your mortgage, or does your situation require a waiting period? Connect with the experienced consultants at Midland Mortgage Corporation to find out for sure.