How Often Can You Refinance Your Mortgage?

There is no legal limit on the number of times you can refinance a mortgage, but lenders generally require a seasoning period between refinances.

Refinance timing depends on lender seasoning rules, closing costs, your credit profile, available equity, and whether the savings justify the switch. If the math works and you meet program requirements, you can refinance again.

Common Refinance Timing Requirements

Each time you refinance, you must requalify based on credit score. Many lenders require a credit score of 620 or higher for conventional loans.

You’ll also need to meet requirements for income and debt-to-income (DTI) ratio. You’ll also likely need an appraisal to get your current property value.

No Cash-Out Refinances

A rate-and-term refinance, also called a no cash-out refinance, replaces your existing mortgage with a new loan. That can change your rate or your loan term, or even remove PMI if your home value has grown and you meet equity requirements

These refinances are generally limited by lender seasoning periods.

A seasoning period is the minimum time you must wait after closing on your current loan before refinancing again.

Typical timelines vary by loan type and lender guidelines. A common conventional lender seasoning period is six months, but government-backed loans have unique requirements.

FHA Streamline refinances require at least 210 days from the prior closing and six on-time payments, according to HUD. VA Interest Rate Reduction Refinance Loans require at least 210 days and six on-time payments, according to the Department of Veterans Affairs

After a loan modification, some lenders require extended seasoning periods.

Cash-Out Refinances

Cash-out refinances, which replace your existing mortgage with a new, larger loan and let you access a portion of your equity as cash, generally have longer seasoning periods.

FHA and conventional cash-out refinances typically require at least 12 months of ownership

Typical Seasoning By Loan Type

Exact timelines may vary by lender and program overlays, but here’s an overview of general timing requirements for different types of refinances.

Costs And Break-Even Considerations For Refinancing

Refinancing costs are often the biggest factor in deciding how soon you should refinance again.

Closing costs typically range from 2% to 6% of the loan amount, according to Freddie Mac and the CFPB. These may include appraisal fees, title services, underwriting charges, and escrow setup.

To determine whether refinancing makes financial sense, calculate your break-even point: Break-even months = Total closing costs ÷ Monthly savings

You can use our break-even calculator to explore different scenarios, but keep in mind this calculator is illustrative only. You’ll need to connect with an expert loan officer to get accurate break-even details.

Refinancing repeatedly can extend your break-even timeline, especially if you reset your amortization each time. Even if your rate drops, repeated fees can reduce long-term savings.

If you expect to move before reaching your break-even point, refinancing often does not make financial sense.

Impact Of Refinancing On Home Equity And Loan Balance

Rate-and-term refinances generally don’t impact your home equity or loan balance, but cash-out refinances are a different story. A cash-out refinance increases your loan balance and may raise your total interest paid over time.

Most lenders require you to maintain about 20% equity, meaning the new loan-to-value ratio typically cannot exceed 80% for primary residences.

Switching from a 30-year to a 15-year loan through refinancing can build equity faster and reduce lifetime interest, but monthly payments will likely increase.

Credit Effects Of Frequent Refinancing

Each refinance application triggers a hard credit inquiry.

Hard inquiries can cause a small, temporary dip in your credit score. While the effect usually fades over time, multiple inquiries within a short period can impact approval odds.

To protect your credit, space out refinance applications, keep revolving balances low, and avoid opening new credit lines during the process.

The Bottom Line

There’s no legal limit on how often you can refinance, but in general lenders usually require a six-month seasoning period between refinances. That’s usually even longer for government-backed mortgages like FHA and VA loans. Cash-out refinances also generally have longer seasoning periods.

Frequently Asked Questions

Is There A Maximum Number Of Times I Can Refinance My Home?

There is no legal cap. You can refinance multiple times as long as you meet lender requirements and the financial benefits outweigh the costs.

How Often Should I Refinance To Save Money?

Refinance when your interest rate and loan terms allow you to recoup closing costs within a reasonable timeframe and support your long-term goals.

What Costs Should I Expect With Frequent Refinancing?

Expect closing costs each time, typically 2% to 6% of the loan amount. Review your current mortgage for any prepayment penalties or minimum time requirements.

Can Refinancing Reset My Mortgage Amortization Period?

Yes. A new loan restarts your amortization schedule, which can extend repayment and increase total interest even if your monthly payment decreases.