Buying a home doesn’t mean you’re locked into your mortgage forever. If you’re wondering how soon you can refinance after buying a house, you’re not alone.
Whether your goal is to lower your interest rate, switch to a fixed-rate loan, or access your home’s equity, the right refinance strategy can help you get more out of homeownership.
In this guide, we’ll walk through refinance timelines by loan type, break down eligibility factors, and help you decide if refinancing now is a smart move.
Start your refinance with GO Mortgage.Why refinance after buying a home?
Refinancing may be worthwhile shortly after buying if interest rates have fallen, your credit has improved, or you’re seeking different loan terms.
Common reasons to refinance include:
- Lowering your monthly payment by securing a better interest rate
- Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for long-term stability
- Accessing your home equity for renovations, debt consolidation, or other goals
Explore how a refinance could benefit you with our mortgage calculator.
How soon can you refinance with a conventional loan?
With conventional loans—those backed by Fannie Mae or Freddie Mac—you may be able to refinance right away.
There’s typically no mandatory waiting period unless you’re seeking a cash-out refinance, which allows you to borrow against the equity you’ve built.
General guidelines:
- Rate-and-term refinance: No formal waiting period
- Cash-out refinance: Must have owned the home for at least six months in most cases (exceptions apply for inherited properties or divorces)
FHA refinance rules and waiting periods
FHA loans, backed by the Federal Housing Administration, offer several refinance options—each with its own timeline.
FHA cash-out refinance:
- Must own and occupy the home for 12 months
- Must make 12 on-time mortgage payments
FHA rate-and-term or simple refinance:
- Wait at least 210 days from the original closing
- Must have made 6 consecutive monthly payments
FHA streamline refinance:
- Tailored to borrowers already financed through an FHA loan
- Requires 6 on-time payments and a 210-day waiting period
- No new appraisal required, which makes it faster and more cost-effective
Always consult with your loan advisor to determine which FHA refinance path is best for your needs and timing.
VA refinance: timelines and options
Borrowers with VA-backed loans must observe a mandatory waiting period prior to refinancing.
VA cash-out refinance and IRRRL:
- You must wait at least 210 days
- Must have made 6 consecutive on-time payments
The VA Interest Rate Reduction Refinance Loan (IRRRL) is a streamlined option for existing VA loan holders to refinance at a lower rate, often with reduced paperwork.
USDA refinance options and eligibility
For rural homeowners with a USDA loan, refinance options and timelines vary based on the loan type and the refinance program you choose.
Guaranteed loan refinance:
- Must have had the loan for at least 12 months
Direct loan refinance:
- No minimum wait time
Program-specific timelines:
- Streamlined refinance: On-time payments for the past 180 days
- Streamlined assist refinance: Must be current on payments for the last 12 months
These USDA-backed programs offer reduced documentation requirements and can help rural homeowners access lower rates more easily.
Jumbo loan refinance considerations
Jumbo loans—those above conforming loan limits—typically offer more flexibility. In many cases, you can refinance a jumbo loan at any time, assuming your lender approves the request and you meet credit and income requirements.
General guideline:
- Standard refinance: No wait time
- Cash-out refinance: Typically requires 6 months of ownership and on-time payments
Because jumbo loans are privately backed, lender requirements may vary. Always confirm specific terms and fees before moving forward.
Other factors to consider before refinancing
Beyond loan type, there are personal and financial factors to weigh before jumping into a refinance.
1. How long will you stay in your home?
Refinancing comes with closing costs—usually 2% to 5% of the loan amount. If you don’t plan to stay in the home long enough to recoup those costs through savings, it may not be worth it.
2. What’s your credit profile?
A recent home purchase may not have given your credit score time to improve. Because refinancing requires another credit pull, it could affect your eligibility or interest rate.
3. What’s your break-even point?
This is the number of months it takes for your refinance savings to cover upfront costs. Use our refinance calculator to see when you’ll break even.
How to know if you’re financially ready to refinance
Even if your loan type allows an immediate refinance, timing isn’t just about eligibility—it’s about financial preparedness. Ask yourself these key questions before applying:
Has your credit score improved?
The better your credit score, the more likely you are to secure favorable rates that lower your payment and total interest paid.
Do you have stable income and employment?
Lenders want to see steady income and job security. Major income changes or job switches may delay approval.
Can you afford the closing costs?
Refinancing often requires out-of-pocket expenses unless you opt to roll costs into your new loan. Be sure to factor this into your budget.
Do you have at least 20% equity?
Although not mandatory for every refinance, 20% equity may eliminate the need for PMI and secure better loan conditions.
If you’re not sure where you stand, contact a GO Mortgage advisor for a refinance readiness check. We’ll help you understand your credit, equity position, and financial standing before you commit to refinancing.
Use a refinance strategy that works for you
Refinancing isn’t one-size-fits-all. The right time to refinance depends on your financial goals, your loan type, and your plans for the home.
Here’s when refinancing might make sense:
- You’re locking in a significantly lower rate
- You’re switching to a loan that better fits your goals (e.g., 15-year vs. 30-year term)
- You’ve decided to leverage your property’s value to fund targeted priorities or investments.
Looking to learn more about the refinancing process? Check out our guide on how to refinance a second mortgage.
Ready to explore your refinance options?
Whether you just closed on your home or have been making payments for a while, the team at GO Mortgage can help you assess refinance opportunities based on your specific situation.
Our advisors guide you through timelines, requirements, and potential savings, enabling you to make an informed decision with confidence.
Let’s build a better mortgage together. Get started with GO Mortgage and unlock your financial potential today.