You can refinance your mortgage as soon as you close on it, but the exact timing depends on the type of loan and refinance you want. Generally:
- Conventional loans often allow refinancing immediately after closing for rate-and-term refinance, but cash-out refinancing usually requires waiting 6 months.
- FHA loans require a minimum of 210 days (7 months) plus 6 on-time payments for streamline refinancing, 6 months for rate-and-term, and up to 12 months for cash-out refinancing.
- VA loans require waiting at least 210 days or 6 on-time payments (whichever is longer).
- USDA loans typically require 12 months of on-time payments, though streamline options may allow refinancing after 6-12 months.
- Jumbo loans usually have lender-specific rules, often requiring 6-12 months before refinancing.
Lenders might have additional requirements such as no late payments and minimum credit scores, and switching lenders may sometimes bypass certain waiting periods. Also, refinancing usually takes 30-60 days to complete.
