Recently bought a house? If so, chances are you were fortunate enough to lock in at an extremely favorable interest rate. After all, mortgage interest rates have been at historic lows since April 2020. That’s when average rates on a 30-year, fixed-rate mortgage tumbled below 3.4 percent for the first time in at least 50 years. So, if you’ve purchased a home in the past 11 months, refinancing right now likely isn’t going to help you all that much. However, if you bought your home or last refinanced prior to last year’s gargantuan drop in mortgage interest rates, it makes a TON of sense to seriously consider a refinance. And this leads to the all-important question: How soon can you refinance a mortgage?
Depending on the type of mortgage loan you currently have—and the type of loan you would want for a refi—you may not be able to refinance for as many as six months from the date of your most recent closing. But, as already noted, if you’ve refinanced or closed on a home in the past 11 months, you probably don’t have super-great reason to refinance anyway. So the good news is that if you have a compelling reason to refinance, there’s no need to delay the process. You can get started right now!
How Soon Can You Refinance a Mortgage? Here’s the bottom line:
There are MANY benefits to refinancing, not the least of which are saving on monthly mortgage payments and paying off your mortgage more quickly. If it’s been six months or more since you closed on your last home purchase or refi, nothing—at least in terms of timing—is stopping you from refinancing today. And, if it’s been more than 11 months since you last closed on a home loan, you’re especially wise to pursue a refi, because a more optimal interest rate awaits.
Our home mortgage advisors at Fairway of the Carolinas are standing by and waiting to help you. Feel to drop any questions you might have in the comments section below or contact us by phone, email or direct message through our website.
To learn more about Fairway of the Carolinas, check out the short video below.