how long to refinance house

Summary. Refinancing transactions might be completed within 30 days; however, 60 to 90-day time frames are more plausible. A lender’s loan volume, workforce and other circumstances could impact processing speeds. You can ask your loan officer about the estimated time frame for refinancing your mortgage.

Like other types of home loans, you’ll be asked to meet with your lender to finalize the loan once all required documentation is verified. Officially closing the loan can take one or more days. federal law says that if a homeowner refinances a loan from another lender, they have 3 days to back out.

it’s determining whether refinancing makes sense in the first place. That involves looking at your short- and long-term financial goals, current mortgage terms, overall market conditions and reasons.

How Long Before You Can Refinance? | – How Long Before You Can Refinance?. If you’ve been living in your house for awhile, you not only have your credit history with the current loan, you also have your credit history with the previous mortgage loan. The prospective lender also takes your entire credit history into account.

Still, many lenders won’t consider your refinance application if your home was on the market in the last three to six months. And they will find out, because they will have your home appraised..

The average refinance takes between 20 and 45 days, Beeston says. However, each lender is different, and there are plenty of variables that can speed up – or slow down – the process. In addition to asking lenders how long they take, it’s a good idea to read reviews of lenders you’re considering, as well.

How long after refinancing can you sell your house? You can sell your house right after refinancing – unless you have an owner-occupancy clause in your new mortgage contract. An owner-occupancy clause can require you to live in your house for 6-12 months before you sell it or rent it out.

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When to Refinance a Mortgage Loan How long does it take to close on a house? The average time for a mortgage closing is 46 days according to Fannie Mae. Refinance loans take a little longer.

Often, it makes sense to refinance to a fixed rate mortgage even if your payment goes up, especially if you plan to stay in your house for a long period of time. Over the past 30 years, the average rate on a 30-year mortgage has been 8.12 percent based on historical data from the Federal Reserve.