{"id":22978,"date":"2026-01-21T20:12:16","date_gmt":"2026-01-21T20:12:16","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=22978"},"modified":"2026-01-21T20:12:18","modified_gmt":"2026-01-21T20:12:18","slug":"refinancing-a-mortgage-what-it-means-how-it-works","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=22978","title":{"rendered":"Refinancing A Mortgage: What It Means, How It Works"},"content":{"rendered":"<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\">\n<div id=\"block_e8eeb83779d04f756bcd0d138690c3b4\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Refinancing your mortgage means replacing your home\u2019s current mortgage loan with a new one.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Homeowners typically refinance to lower their interest rate, but there are other reasons to consider it as well.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Refinancing requires paying closing costs, which can be extensive, so it\u2019s important to determine whether you\u2019ll stay in the home long enough to recoup the cost.\n                                                <\/li>\n<\/ul>\n<\/div>\n<h2 id=\"what-is\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What is refinancing a mortgage?\" data-outcome=\"\">What is refinancing a mortgage?<\/h2>\n<p>Refinancing your mortgage means replacing the property\u2019s existing mortgage loan with a new one. Homeowners typically refinance when mortgage interest rates have dropped, in order to get a lower rate than they currently have. <\/p>\n<p>While this can result in significant savings over time, it\u2019s important to remember that securing this new loan will incur closing costs \u2014 so homeowners will need to calculate their break-even point and stay in the home long enough to reap the savings.<\/p>\n<p>Most homeowners refinance to lower their rate, but you can also refinance to a loan with a shorter or longer term, or refinance from an adjustable-rate loan to a fixed rate.<\/p>\n<p><span>The process of refinancing a mortgage is similar to the process you completed to purchase your home. <\/span>You can refinance with your current lender if you like, and you may be eligible for discounts or waived fees as an existing customer. But you\u2019re not required to stick with the same company, and just like with your initial purchase loan, it\u2019s smart to shop around for the best deal.<\/p>\n<h2 id=\"types\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Types of mortgage refinances\" data-outcome=\"\">Types of mortgage refinances<\/h2>\n<p>There are many types of refinancing, so consider each within the context of your unique financial situation. Here are some of the most common types:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Rate and term:<\/strong> A rate-and-term refinance changes either the loan\u2019s interest rate, the loan\u2019s term or both. This is the most common type of mortgage refinancing.<\/li>\n<li>\n<strong>Cash out:<\/strong> With a cash-out refinance, you use your home equity to withdraw cash to spend. This increases your mortgage debt but gives you money that you can invest or use to fund a goal, like a home improvement project.<\/li>\n<li>\n<strong>Cash in:<\/strong> Conversely, with a cash-in refinance, you make a lump sum payment to reduce your loan-to-value (LTV) ratio. This cuts your overall debt burden, potentially lowers your monthly payment and could also help you qualify for a lower interest rate.<\/li>\n<li>\n<strong>No closing cost: <\/strong>A no-closing-cost refinance does not require you to pay closing costs upfront. Instead, those expenses are rolled into the loan \u2014 which lowers your upfront costs but means a higher monthly payment and, likely, a higher interest rate.<\/li>\n<li>\n<strong>Streamline: <\/strong>A streamline refinance accelerates the process for borrowers by eliminating some refinance requirements, such as a credit check or appraisal. It\u2019s available for FHA, VA, USDA and Fannie Mae and Freddie Mac loans.<\/li>\n<\/ul>\n<h2 id=\"how-it-works\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How does refinancing work?\" data-outcome=\"\">How does refinancing work?<\/h2>\n<p>What happens when you refinance your home? Refinancing is similar to the purchase mortgage application process, in that the lender reviews your finances to assess your risk level and determine your eligibility. Here\u2019s a step-by-step guide to what you can expect:<\/p>\n<h3>Step 1: Set a clear financial goal<\/h3>\n<p>There should be a good reason why you\u2019re refinancing your mortgage, whether it\u2019s to reduce your monthly payment, shorten your loan term or pull out equity for home repairs or debt repayment.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>What to consider:<\/strong> Take into account both the rate and the length of the new loan. If you reduce your interest rate but restart the clock to another 30 years, you might pay less every month, but you\u2019ll pay more in interest over the life of your loan.<\/li>\n<\/ul>\n<h3>Step 2: Check your credit score and history<\/h3>\n<p>You\u2019ll need to qualify for a refinance just as you needed to qualify for your original home loan. The higher your credit score, the better rates lenders <span>will<\/span> offer you<span>,<\/span> and the better your chances of underwriters approving your loan. For a conventional refinance, a credit score of 620 or higher is generally needed for approval.<\/p>\n<div class=\"Callout flex flex-col gap-y-6 border-4 border-solid border-blue-100 rounded-lg py-8 px-6 md:px-10 mt-8 mb-16\">\n            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"heading-3 my-0 text-crop-none text-blue-700\">\n    How does refinancing affect your credit?<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore --><\/p>\n<div class=\"Callout-content text-gray-900 text-left wysiwyg m-0\">\n        Refinancing a mortgage can temporarily impact your credit, but the hit is usually minimal. When mortgage lenders check your credit to see if you qualify for a refinance, that check appears on your credit report. A single inquiry can shave up to five points off your score. Plus, when you refinance, you\u2019re closing one loan and opening another, and your credit history makes up 15 percent of your score.<\/p><\/div>\n<\/p><\/div>\n<ul class=\"wp-block-list\">\n<li>\n<strong>What to consider:<\/strong> While there are ways to refinance your mortgage with bad credit, spend a few months boosting your credit <span>score if you can before contacting<\/span> lenders. If you\u2019re concerned about hurting your score while comparing refinance offers, try to shop for a refinance within a single 45-day window. Any credit pulls in this timeframe will only count as one inquiry.<\/li>\n<\/ul>\n<h3>Step 3: Determine how much home equity you have<\/h3>\n<p><span style=\"font-family:CircularStd, ui-sans-serif, system-ui, sans-serif;font-size:18px\"><span style=\"float:none;font-style:normal;font-weight:400;letter-spacing:-0.25px;text-align:start;text-indent:0px;text-transform:none\">Your home equity is the total value of your home minus the amount you still owe on your mortgage. Check your latest mortgage statement to see your current balance; then, check home search sites or have a professional appraisal to estimate your home\u2019s value. Your home equity is the difference between the two. For example, if you still owe $250,000 on your home, and it\u2019s worth $325,000, your home equity is $75,000.<\/span><\/span><\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>What to consider:<\/strong> You\u2019ll get better rates and fewer fees (and won\u2019t have to pay for private mortgage insurance) if you have at least 20 percent equity in your home. The more equity you have in your home, the less risky the loan is to the lender.<\/li>\n<\/ul>\n<h3>Step 4: Shop multiple mortgage lenders<\/h3>\n<p>Getting quotes from at least three mortgage lenders can help you maximize your savings when refinancing a mortgage. Once you\u2019ve chosen a lender, discuss when it\u2019s best to lock in your rate so you won\u2019t have to worry about rates climbing before your refinance closes.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>What to consider:<\/strong> In addition to comparing interest rates, pay attention to the various loan fees and whether they\u2019ll be due upfront or rolled into your new mortgage.<\/li>\n<\/ul>\n<h3>Step 5: Get your paperwork in order<\/h3>\n<p>Gather recent pay stubs, tax returns, bank\/brokerage statements and any other financial documents your lender requests. Your lender will also <span>review<\/span> your credit score and net worth, <span>so be sure to<\/span> disclose all your assets and liabilities upfront.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>What to consider:<\/strong> Keep your documentation organized and at-the-ready throughout the refinancing process \u2014 being able to find things easily and answer questions quickly helps things run more smoothly.<\/li>\n<\/ul>\n<h3>Step 6: Prepare for the home appraisal<\/h3>\n<p>Mortgage lenders typically require a <span>home appraisal<\/span> (just like when you bought your house) to determine its market value. A professional appraiser will assess your home based on criteria and comparisons to similar homes in your area.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>What to consider:<\/strong> A refinance appraisal will run you a few hundred dollars. Let the lender and appraiser know of any improvements, additions or major repairs you\u2019ve made since purchasing your home, as they will likely affect the final valuation.<\/li>\n<\/ul>\n<h3>Step 7: Come to the closing table<\/h3>\n<p>You\u2019ll receive a closing disclosure and loan estimate itemizing the closing costs that must be paid to finalize the loan. These payments will be made at closing and typically require cashier\u2019s checks or money orders.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>What to consider:<\/strong> You <span>may<\/span> be able to finance these costs, which can amount to several thousand dollars, to save on your upfront outlay. But you will likely eventually pay more <span>by doing so<\/span>. If you can afford to, it makes more financial sense to pay closing costs upfront.<\/li>\n<\/ul>\n<h3>Step 8: Keep tabs on your loan<\/h3>\n<p><span style=\"font-family:CircularStd, ui-sans-serif, system-ui, sans-serif;font-size:18px\"><span style=\"float:none;font-style:normal;font-weight:400;letter-spacing:-0.25px;text-align:start;text-indent:0px;text-transform:none\">Some lenders are willing to offer you a lower rate if you sign up for autopay, but you\u2019ll still want to keep an eye on things just in case. <\/span><\/span><u>Store copies of your closing paperwork<\/u><span style=\"font-family:CircularStd, ui-sans-serif, system-ui, sans-serif;font-size:18px\"><span style=\"float:none;font-style:normal;font-weight:400;letter-spacing:-0.25px;text-align:start;text-indent:0px;text-transform:none\"> in a safe place.<\/span><\/span><\/p>\n<p><strong>What to consider:<\/strong> Your lender or servicer might resell your loan on the secondary market either immediately after closing or years later. This is common and nothing to be concerned about, but it means you\u2019ll owe mortgage payments to a different company, so keep an eye out for mail notifying you of such changes. The loan terms themselves shouldn\u2019t change, though.<\/p>\n<h2 id=\"pros-v-cons\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Pros and cons of mortgage refinancing\" data-outcome=\"\">Pros and cons of mortgage refinancing<\/h2>\n<div class=\"flex flex-col gap-8 my-6\">\n<div class=\"ProsAndConsList\" data-js-selector=\"ProsAndConsList\">\n<div class=\"ProsAndConsItem\">\n        <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"ProsAndConsItem-list\">\n<li>\n                    You could secure a lower interest rate.\n                <\/li>\n<li>\n                    You could lower your mortgage payment and create more space in your monthly budget.\n                <\/li>\n<li>\n                    You could decrease your loan\u2019s term and pay it off sooner.\n                <\/li>\n<li>\n                    You could tap into your home\u2019s equity.\n                <\/li>\n<li>\n                    You could consolidate debt, such as student loans or credit card bills, into one payment.\n                <\/li>\n<li>\n                    You could change from an adjustable-rate to a more predictable fixed-rate mortgage.\n                <\/li>\n<li>\n                    You might be able to cancel private mortgage insurance premiums.\n                <\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n        <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"ProsAndConsItem-list\">\n<li>\n                    You\u2019ll have to pay closing costs.\n                <\/li>\n<li>\n                    You might have a longer loan term, increasing your interest costs and delaying your payoff date.\n                <\/li>\n<li>\n                    You could have less equity in your home if you take cash out.\n                <\/li>\n<li>\n                    Your credit score will take a (temporary) hit.\n                <\/li>\n<li>\n                    Most refinances won\u2019t affect your property taxes, but completing a remodel with a cash-out refinance can increase your home\u2019s assessed value, which could mean a higher tax bill.\n                <\/li>\n<li>\n                    If you\u2019ve paid off a significant chunk of your mortgage, refinancing might not make financial sense.\n                <\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<h2 id=\"when-to-consider\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"When to consider mortgage refinancing\" data-outcome=\"\">When to consider mortgage refinancing<\/h2>\n<p>Refinancing your mortgage is a significant financial decision, and knowing when to refinance is key. If you\u2019re planning to remain in your home for years to come, there are many instances in which a refi can make sound financial sense \u2014 including lowering your interest rate, extending your loan term to lower monthly payments or using the equity you\u2019ve built to finance home improvements.<\/p>\n<div class=\"BlockQuote pb-8 BlockQuote--bordered flex flex-col items-center text-center md:text-left md:flex-row gap-3 md:gap-8 mb-8 md:mb-0\">\n<blockquote class=\"BlockQuote-text text-center md:text-left\"><p>\n        <q>The general rule of thumb is that you need to cut at least a full percentage point from your rate for refinancing to make sense. <\/q><br \/>\n                    <cite class=\"PullQuote-cite text-gray-900 ml-0 md:ml-4\"><br \/>\n                \u2014 Jeff Ostrowski, housing market analyst at Bankrate<br \/>\n            <\/cite>\n            <\/p><\/blockquote>\n<\/div>\n<p>\u201cThe general rule of thumb is that you need to cut at least a full percentage point from your rate for refinancing to make sense. But the decision varies depending on your situation,\u201d says Jeff Ostrowski, writer and housing market analyst at Bankrate. \u201cMaybe you have an FHA loan and refinancing would let you get out of mortgage insurance \u2014 that savings could nudge you toward a refi. Or perhaps you live in a state that taxes refinances \u2014 that could push the costs to a point that it doesn\u2019t make sense.\u201d<\/p>\n<p><span style=\"font-family:CircularStd, ui-sans-serif, system-ui, sans-serif;font-size:18px\"><span style=\"float:none;font-style:normal;font-weight:400;letter-spacing:-0.25px;text-align:start;text-indent:0px;text-transform:none\">Knowing when to consider a refinance also depends on the general financial climate. If refinancing will mean getting a significantly higher interest rate on your mortgage, it\u2019s probably not a good idea.<\/span><\/span><\/p>\n<p>\u201cFor the small group of homeowners who took loans at 8% in 2023, now is a great time to refinance,\u201d says Ostrowski. \u201cFor most homeowners, though, the moment has yet to arrive.\u201d<\/p>\n<h2 id=\"faq\" data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"FAQs\" data-outcome=\"\">FAQs<\/h2>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-what-does-it-cost-to-refinance-a-mortgage', 'heading-what-does-it-cost-to-refinance-a-mortgage']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-what-does-it-cost-to-refinance-a-mortgage')\" :aria-controls=\"$id('panel-what-does-it-cost-to-refinance-a-mortgage')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    What does it cost to refinance a mortgage?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-what-does-it-cost-to-refinance-a-mortgage')\" :aria-labelledby=\"$id('heading-what-does-it-cost-to-refinance-a-mortgage')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\nClosing costs on a mortgage refinance can run between 2% and 5% of the loan amount. These line items often include discount points, your lender\u2019s origination fee and an appraisal fee to evaluate your home\u2019s worth. You\u2019ll need to calculate the break-even point of all these expenses and decide whether you plan to stay in your home long enough to recoup them and benefit from the refinance savings.\n        <\/div>\n<\/div>\n<\/li>\n<li x-id=\"['panel-is-a-second-mortgage-the-same-as-refinancing', 'heading-is-a-second-mortgage-the-same-as-refinancing']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-is-a-second-mortgage-the-same-as-refinancing')\" :aria-controls=\"$id('panel-is-a-second-mortgage-the-same-as-refinancing')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Is a second mortgage the same as refinancing?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-is-a-second-mortgage-the-same-as-refinancing')\" :aria-labelledby=\"$id('heading-is-a-second-mortgage-the-same-as-refinancing')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n            No, a second mortgage and a refinance are not the same thing. A refinance replaces your current mortgage with a new one, and you\u2019ll still only have a single loan \u2014 and a single payment \u2014 on the property. A second mortgage, however, typically involves taking out equity you\u2019ve built up in your home and using it elsewhere, such as with a home equity loan. A second mortgage adds a second monthly payment you\u2019ll need to budget for.\n        <\/div>\n<\/div>\n<\/li>\n<li x-id=\"['panel-how-soon-after-closing-can-i-refinance', 'heading-how-soon-after-closing-can-i-refinance']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-how-soon-after-closing-can-i-refinance')\" :aria-controls=\"$id('panel-how-soon-after-closing-can-i-refinance')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    How soon after closing can I refinance?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Caret Down Icon<\/default:title><br \/>\n<default:path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/default:svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-how-soon-after-closing-can-i-refinance')\" :aria-labelledby=\"$id('heading-how-soon-after-closing-can-i-refinance')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n            Once you close on a new home, you can\u2019t refinance right away \u2014 there is a seasoning period that you must wait out first. The exact amount of time will usually depend on your loan type: FHA loans require you to wait six months, for example. Another limiting factor when refinancing a mortgage is the amount of equity you\u2019ve built. In general, you\u2019ll need at least 20 percent equity before being able to refinance.\n        <\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h3>\u00a0<\/h3>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"w6p6lqNzJJ\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><default:svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><default:title>Thumbs Up Icon<\/default:title><default:path d=\"M13.165 2.175c.322 0 .57.022.774.065.796.161 1.43.624 1.85 1.345.71 1.216.722 3.067.023 5.499h.516c2.28 0 3.422 0 4.337.548a3.844 3.844 0 0 1 1.721 2.25c.29 1.032 0 2.13-.592 4.336l-.516 1.926c-.312 1.151-.484 1.786-.882 2.324a3.368 3.368 0 0 1-1.442 1.098c-.625.247-1.28.248-2.475.248l-.021.01h-4.595c-.42 0-.636 0-.84-.032a4.19 4.19 0 0 1-.635-.15c-.204-.065-.387-.162-.763-.355l-1.69-.856c-.014.034-.026.069-.043.102a2.334 2.334 0 0 1-1.044 1.044c-.495.247-1.012.248-1.948.248h-.161c-.936 0-1.453 0-1.947-.248a2.333 2.333 0 0 1-1.044-1.044C1.5 20.038 1.5 19.52 1.5 18.585v-7.683c0-.936 0-1.452.248-1.947A2.387 2.387 0 0 1 2.792 7.91c.494-.248 1.01-.247 1.947-.247h.16c.937 0 1.454 0 1.95.247.353.177.653.44.875.763.64-.606 1.788-2.184 3.31-5.142.183-.366.312-.603.538-.819.193-.193.462-.355.72-.441.302-.097.539-.097.873-.097ZM4.739 9.288c-.624 0-1.076 0-1.227.076a.721.721 0 0 0-.323.322c-.075.15-.075.603-.075 1.216v7.683c0 .624 0 1.076.075 1.227.065.14.183.248.323.323.151.075.603.075 1.227.075h.16c.625 0 1.078 0 1.228-.075a.722.722 0 0 0 .323-.323c.075-.15.075-.603.075-1.227v-7.683c0-.624 0-1.065-.075-1.227a.672.672 0 0 0-.323-.322c-.15-.075-.603-.076-1.227-.076h-.161v.01ZM13.057 3.8c-.14 0-.226 0-.259.011-.032 0-.086.043-.107.064a2.98 2.98 0 0 0-.226.399c-2.187 4.272-3.53 5.647-4.33 6.092.003.162.004.34.004.536v7.82l2.217 1.122c.28.14.42.216.56.27.107.032.214.064.332.075.151.021.314.021.626.021h4.594c1.022 0 1.539 0 1.862-.129a1.84 1.84 0 0 0 .763-.58c.215-.28.355-.808.613-1.765l.517-1.927c.495-1.85.775-2.873.603-3.475a2.309 2.309 0 0 0-1-1.313c-.538-.323-1.594-.323-3.51-.323h-1.129c-.226 0-.473 0-.72-.15a1.087 1.087 0 0 1-.464-.614c-.075-.301 0-.528.076-.754.957-2.97.603-4.26.301-4.777-.183-.312-.44-.506-.774-.57-.14-.033-.377-.033-.549-.033Z\" class=\"icon-base\"\/><\/default:svg><\/span> <span class=\"text-base leading-4\">Yes<\/span><br \/>\n            <\/button><br \/>\n            <button type=\"button\" 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1-.722.441c-.258.086-.484.097-.742.097l.022-.011a5.39 5.39 0 0 1-.905-.064 2.741 2.741 0 0 1-1.852-1.345c-.71-1.216-.721-3.066-.022-5.496h-.516c-2.283 0-3.424 0-4.34-.548a3.843 3.843 0 0 1-1.722-2.248c-.29-1.033 0-2.13.593-4.324l.517-1.925c.312-1.162.484-1.786.882-2.323.377-.495.872-.871 1.443-1.097.624-.248 1.281-.248 2.476-.248h4.597c.42 0 .635 0 .84.032.215.032.431.086.636.15.193.065.387.162.753.345l1.702.864c.017-.04.033-.082.053-.122a2.333 2.333 0 0 1 1.044-1.043c.496-.247 1.013-.247 1.95-.247h.16ZM7.503 3.798c-1.022 0-1.54 0-1.862.13-.302.118-.56.322-.765.58-.215.28-.345.775-.614 1.753l-.517 1.926c-.495 1.85-.775 2.871-.602 3.474a2.308 2.308 0 0 0 1 1.312c.539.323 1.594.322 3.51.322h1.142c.236 0 .473 0 .72.15.227.14.388.367.453.625.075.28 0 .516-.075.742-.959 2.969-.603 4.27-.301 4.775.183.312.44.506.774.57.162.033.41.033.572.033.128 0 .203 0 .236-.01.021 0 .085-.044.107-.065.032-.032.14-.237.227-.399 2.208-4.308 3.556-5.671 4.352-6.102a39.945 39.945 0 0 1-.003-.523v-7.79L13.63 4.175c-.28-.14-.41-.215-.56-.27a1.796 1.796 0 0 0-.344-.085c-.151-.022-.313-.01-.625-.022H7.503Zm11.596.001c-.625 0-1.077 0-1.228.076a.72.72 0 0 0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/default:svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/mortgages\/how-does-refinancing-a-mortgage-work\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways Refinancing your mortgage means replacing your home\u2019s current mortgage loan with a new one. Homeowners typically refinance to lower their interest rate, but there are other reasons to consider it as well. Refinancing requires paying closing costs, which can be extensive, so it\u2019s important to determine whether you\u2019ll stay in the home long<\/p>\n","protected":false},"author":1,"featured_media":22979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-22978","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Refinancing A Mortgage: What It Means, How It Works | BudgetADirect<\/title>\n<meta name=\"description\" content=\"Key takeaways Refinancing your mortgage means replacing your home\u2019s current mortgage loan with a new one. 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