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How soon can I refinance my mortgage?
I’m the type of person who wants to be prepared for the worst-case scenario. I’ve just closed on my house, but I want to know how soon I can refinance my mortgage if I need money for an emergency.
Tiffany Leung · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s very wise to consider all the options you have before any worst-case scenarios happen!
In most cases, you will need to wait for at least six months to two years before you can refinance your mortgage. You can rarely refinance immediately. The actual amount of time you need to wait will depend on your original mortgage terms. Below are some refinancing options and their timelines:
- Cash-out refinance: at least six months after closing on your original mortgage. Normally used for home improvement projects.
- Modified loan: allowed 12 to 24 months from closing if your lender agreed to a mortgage modification.
- FHA streamline refinance: minimum of 210 days after closing with six months of on-time payments if your mortgage is backed by the Federal Housing Administration.
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