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Refinance your mortgage to take advantage of lower interest rates, change your loan terms or get rid of PMI. But once you’ve refinanced once, should you do it again? Though there’s no limit of how many times you can refinance, make sure it makes financial sense to do so.
You can refinance your mortgage as many times and as often as you need. While there is no legal limit to the number of refinances you can make on a property, there are some conditions your mortgage must meet. Many lenders require a seasoning period, or time between refinances.
A seasoning or waiting period is a mandatory period before you can reapply for a mortgage refinance. The length of time depends on the kind of loan you have.
|Loan type||Waiting period|
|FHA streamline refinance|
|VA streamline refinance|
|USDA streamlined assist refinance|
|Reverse mortgage refinance|
A cash-out refinance has special rules. You’ll need to wait at least six months from closing before you can apply for a new cash-out mortgage refinance. Exceptions include if:
Even though you technically can refinance your mortgage multiple times, it may not always be a good idea. Here are a few reasons to refinance again and a few points to consider before going through with it.
Borrowers consider refinancing their mortgage for a variety of reasons, including:
Refinancing isn’t always the best idea. Think about the following before you decide:
If you’re ready to refinance again, here’s how to get started.
You can technically refinance as often as you like. Most refinance programs require you to wait at least six months between transactions. You’ll also need to have enough equity and the right borrower criteria to qualify for a mortgage refinance.
But even though you can refinance, make sure it makes financial sense. Use a mortgage refinance calculator to see how much you stand to save.
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