How Soon After Purchasing My Home Can I Refinance?

Currently, it’s a seller’s market, so many houses are selling at prices that are significantly above market value. This can be quite advantageous for current homeowners looking to sell or refinance their home. Refinancing, in particular, is a great option to take as it can result in lowered monthly mortgage payments, shortened home loan durations, and access to built equity.

Whether you bought your home recently or many years ago, you might be wondering how soon you can refinance after purchasing your home.

Home Refinance Options and Timeframe Considerations

Generally speaking, you can refinance almost immediately after purchasing a home; however, depending on your servicer and loan officer, you may only qualify for some of the following refinance options:

• Cash-Out Refinance – In this refinance option, you borrow extra funds against your existing home equity (of which you might not have much if you recently purchased). This usually involves a six-month waiting period.
  
• FHA Streamline Refinance – If your original mortgage used an FHA loan, you must wait 210 days from the original closing date to refinance.
  
• Rate and Term Refinance – One of the easiest refinance options to qualify for, rate and term refinances usually don’t have a waiting period.
  
• After a Mortgage Forbearance – If you underwent mortgage forbearance, you typically must either bring your mortgage current or make three on-time payments to be eligible for a refinance.

If you are considering a home refinance but not sure where to start or if you would qualify, then consult with the professionals at Butler Mortgage. 

Explore Your Home Refinance Options with Butler Mortgage

For over 25 years, Butler Mortgage has worked with both first-time and seasoned buyers wanting to own a home in Central Florida. We can help walk you through your mortgage refinance options and secure you desirable rates that fit your budgetary needs.

Let us help you find the right loan solution for you by calling 407-931-3800 or by filling out our free consultation form online.