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How many times can you refinance a mortgage?

Author: Jessica Bennet
Community Mentor
Ask Jessica
Posted on: 01st Jun, 2009 01:11pm
There are no restrictions on the number of times you can refinance your mortgage. However, before opting for refinancing, you need to make a cost-benefit analysis. It is to be noted that refinancing is just like taking out a new loan and so all the costs associated with taking out a new loan are applicable here also. Moreover, in case of refinancing, there is an additional cost in the form of prepayment penalty. If the benefits are more than the costs of refinancing, it is wise to opt for refinancing. But, otherwise you should abstain from refinancing.

Usually lenders don’t accept your refinancing request in case you have applied for it within the past six months. This actually controls the speed at which you can apply for refinancing. The common reasons which can instigate you to refinance are listed below.

  • You are in a difficult financial situation and you are finding it difficult to make monthly mortgage payments.

  • The mortgage rate has dropped down and the mortgage rate in the market is lower than the rate on your mortgage loan.

  • You are interested to change the term of the mortgage, say from a 30-year mortgage loan to a 15-year mortgage loan.

  • You have witnessed some dramatic changes in your financial conditions.

All these may push you to opt for refinancing. Anyways, before opting for refinancing, you need to ensure that benefits outweigh the costs of refinancing.
Posted on: 01st Jun, 2009 01:11 pm
is there an exception to the seasoning period in ct if the owner has received the property as a bequest. i just( less than 6 months) received real estate from my mother's estate and would like to refinance it- there is no mortgage currently on the property.

Most lenders would require a seasoning period of 1 year before they allow a new appraised value for the refinance. But some would also allow a seasoning period of 6 months. I'm not aware of any exception to this rule as such. But much depends on your lender. If you have a good credit and you satisfy other elligibility criteria, the lender can relax the seasoning requirements. You can discuss this with different lenders and check out if they can help you refinance in this situation.
Posted on: 02nd Jun, 2009 04:01 am
libby, you ought to be able to obtain a refinance at this time. lately, we've been told that we have to season our purchase transactions for at least 4 months before we can allow a refinance, and you've already exceeded that timeframe. furthermore, it's not a situation in which you've received a mortgage that must be seasoned.

and even if 6 months is a hallmark, as savior noted, by the time you end up having a closing, you'll likely have reached that point.

go for it.
Posted on: 02nd Jun, 2009 08:42 am
are biweekly payments cheaper than monthly payments?
Posted on: 25th Jun, 2010 08:27 pm
Hi Grover,

If you go for biweekly payments, you'll be able to pay half of the monthly mortgage payment every 2 weeks. Thus, you won't have to pay the dues at one go. However, some people are of the opinion that rather than going for bi-weekly payments, it would be better if you could add some extra amount to your monthly payments. This will help you in paying your mortgage dues comparatively earlier than bi-weekly payments.

Posted on: 28th Jun, 2010 12:31 am
How long has it been? I agree with George....Go for it! As long as your credit and financials are up to par, you'll find a lender/investor that will be able to provide you a mortgage.
Posted on: 28th Jun, 2010 08:12 am
i refinance my property 5 times already within 6 years period and now i default with last company and im being sued can i refinance property again i live in florida
Posted on: 08th Feb, 2011 04:09 pm
Hi sueann,

If your mortgage is in default, you won't be able to refinance the loan on your property.

Posted on: 08th Feb, 2011 09:12 pm
Sueann, if you can find a lender willing to refinance your existing loan, then there's no reason why you wouldn't be able to do it.

Pray tell, what was the benefit to refinancing five times in the last 6 years? Did you not pay exorbitant fees when you add them all up? No wonder you'd have a struggle.
Posted on: 09th Feb, 2011 07:07 pm
Banks have been stingy in recent years when it comes to approving mortgage refinancing, What are some of the steps one can take to increase their chances of getting a refinance? For instance If you have assets elsewhere, open an account at the institution where you'd like to refinance your mortgage. By depositing a large sum of money into their bank, it shows you trust them with your financial future.

Bank of America, J.P. Morgan, and even some community banks and credit unions have admitted they give preferential treatment to customers who have assets in their bank. After all, if they can clearly see your entire financial portfolio, they consider you less of a lending risk!
What other steps can one take?
Posted on: 18th Jan, 2013 12:57 am
Maintaining good credit and stable income can help you in getting qualified for a mortgage refinance. Apart from this, there should be ample equity in the property. If you don't have equity in the property, you can bring cash in at the closing table in order to close the deal.
Posted on: 20th Jan, 2013 12:25 am
What you do not want to do is become a refinance junkie. It becomes a disadvantage to you by leaving a trail of refinance fees to payoff. You are adding more to your loan balance, delaying your mortgage payoff. For more information, you can visit
Posted on: 03rd Apr, 2014 07:19 am
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