Frequently Asked Questions
There's no legal limit on how many times you can refinance, though most lenders require a waiting period of 6 months to a year between refinances (sometimes called a 'seasoning' requirement), and each refinance comes with its own closing costs to weigh against the savings.
A refinance application triggers a hard credit inquiry, which typically causes a small, temporary dip of a few points. Shopping multiple lenders within a 14-45 day window (depending on the credit scoring model) counts as a single inquiry for scoring purposes, so it's worth comparing several lenders without extra credit impact.
Most refinances require a new appraisal to confirm current home value, though some streamline refinance programs for existing FHA, VA, or USDA loans waive this requirement. A low appraisal can affect your loan-to-value ratio and the rate or loan amount you qualify for.
Yes, but you'll likely pay private mortgage insurance (PMI) on a conventional refinance if you have less than 20% equity, similar to a purchase mortgage. FHA and VA refinances have their own equity and insurance rules.
A 15-year refinance carries a lower rate and builds equity faster but comes with a significantly higher monthly payment. A 30-year keeps payments lower and more flexible. Many homeowners split the difference by refinancing to a 30-year at a lower rate but making extra principal payments voluntarily.
Conventional refinances typically require a minimum credit score of 620, FHA refinances can go as low as 580 (and sometimes lower with compensating factors), while VA refinances often have no hard minimum set by the VA itself, though individual lenders may set their own floor.
This page is for educational purposes and isn't personalized financial or lending advice. Rates, terms, and lender offers change frequently — confirm current figures directly with lenders before acting.