You can typically refinance your home as soon as you close on your mortgage with no waiting period for many conventional loans, especially for rate-and- term refinancing. However, some loans require a waiting or "seasoning" period before refinancing is allowed:
- Conventional loans: No wait for rate-and-term refinance; usually a 6-month wait for cash-out refinance.
- FHA loans: Streamline refinance requires 210 days plus 6 on-time payments; rate-and-term refinance typically needs 6 months; cash-out refinance usually requires 12 months.
- VA loans: Generally 210 days or after 6 on-time payments.
- USDA loans: Between 6 to 12 months depending on the type of refinance.
- Jumbo loans: Typically 6 to 12 months depending on the lender.
Most lenders require at least six months before refinancing, especially for cash-out refinance, but it's possible to refinance sooner with some conventional loans or by switching lenders. Refinancing also depends on meeting credit and payment history requirements, and closing costs apply. Refinancing can take 30 to 60 days to complete.
