A homeowner's guide to how often you can refinance your home

What you'll learn ✅

• How often you can refinance based on loan type and lender seasoning rules
• When refinancing multiple times actually saves you money — and when it doesn’t
• The true costs of refinancing again, including amortization reset risk
• Smart alternatives if refinancing isn’t your best move

You can refinance your home as often as you qualify — there’s no legal limit on how many times you can refinance a mortgage. However, most lenders require a waiting period, often six months, depending on the loan type. Whether refinancing again makes sense depends on your interest rate savings, closing costs, home equity, and long-term financial goals.

Refinancing multiple times can lower your payment or unlock equity, but if done carelessly, it can increase total interest paid over time.

See personalized options with no impact to your credit score.

How often can you refinance a mortgage?

There’s no cap on the number of times you can refinance. The real constraint is loan seasoning, which is the required waiting period between closing on your current mortgage and refinancing it.

Seasoning rules exist because lenders and investors want to see a payment history before replacing the loan.

Here’s how typical waiting periods break down:

• Conventional loans: Often six months before refinancing
• FHA loans: 210 days from closing and at least six on-time payments for a streamline refinance
• VA loans: 210 days and six consecutive payments for an Interest Rate Reduction Refinance Loan (IRRRL)
• Cash-out refinances: Frequently six months or more, depending on guidelines

Government-backed loans like FHA (Federal Housing Administration) and VA (Department of Veterans Affairs) also require a net tangible benefit — meaning the refinance must provide a clear financial improvement, such as lowering your interest rate or switching from an adjustable-rate mortgage (ARM) to a fixed rate.

If you’re unsure about timing, our guide on how soon you can refinance a mortgage breaks down the details by loan type.

Reasons you might refinance more than once

Refinancing more than once isn’t unusual, especially during periods of rate volatility. The key is whether each refinance meaningfully improves your financial position.

Common reasons homeowners refinance again include:

• Lowering the interest rate: Even a 0.5–1% drop can significantly reduce long-term interest. Compare current refinance rates to your existing rate.
• Removing mortgage insurance: If your home’s value has increased, you may be able to eliminate private mortgage insurance (PMI). Learn more about how to get rid of PMI.
• Switching loan types: For example, moving from an ARM to a fixed rate. See types of refinance.
• Accessing equity through a cash-out refinance: This replaces your mortgage with a larger one and provides the difference in cash.
• Consolidating higher-interest debt: A cash-out refinance may allow you to refinance debt at a lower rate.

But savings depend on your break-even point — the time it takes for monthly savings to exceed closing costs. You can estimate this with a refinance calculator.

For example, if refinancing costs $6,000 and saves you $200 per month, your break-even point is 30 months. If you plan to move before then, refinancing again may not make sense.

That said, Better's rate-and-term refinance customers save an average of $999 per month.¹ That kind of savings can justify refinancing more than once — but only when the math works.

See your custom rate in as little as 3 minutes, with no credit impact.

Factors to consider before refinancing again

Refinancing isn’t just about rate shopping. It’s about structure, cost, and long-term impact.

First, understand your loan-to-value ratio (LTV) — the percentage of your home’s value that you still owe. Lenders typically require at least 20% equity for the most competitive terms. If you’re unsure, review how much equity you need to refinance in this guide on how much equity you need to refinance.

Second, consider amortization. When you refinance into a new 30-year loan, you reset your amortization schedule — meaning you start over paying more interest upfront. Even if your payment drops, your total lifetime interest could increase. Our breakdown of what amortization means in real estate explains how this works.

Other important factors include:

• Closing costs: Typically 2–5% of the loan amount. See what are closing costs.
• Credit score requirements: Your rate depends heavily on credit profile.
• Debt-to-income ratio (DTI): Lenders assess your ability to repay.
• Prepayment penalties: Some loans have prepayment penalties. Learn what a prepayment penalty is before refinancing.

Refinancing uses your home as collateral. If you can’t repay the loan, the lender can initiate foreclosure. That risk doesn’t change just because you refinance multiple times.

If you’re weighing tradeoffs, reviewing the pros and cons of refinancing your home can help clarify your decision.

How much does refinancing multiple times cost?

Each refinance comes with closing costs. These may include:

• Lender origination fees
• Appraisal fees
• Title services and insurance
• Recording fees
• Escrow and prepaid items

You can sometimes roll these costs into your new loan balance, but doing so increases the amount you borrow — and the interest you pay over time. That’s why so-called “no-closing-cost” refinances aren’t truly free; the cost is typically embedded in a higher interest rate or larger principal.

That said, Better’s Better Forever program is designed to reduce the cost of refinancing again in the future. The loyalty program allows eligible customers who refinance or purchase again with Better to enjoy perks, like waived origination fees.

Instead of starting from scratch every time, Better Forever gives you added flexibility to refinance strategically — without absorbing the full cost each time market conditions change.

See your custom rate in as little as 3 minutes, with no credit impact.

Refinancing alternatives

If your goal is to tap equity without changing your primary mortgage rate, refinancing may not be your best option.

Here’s how common alternatives compare:

A home equity line of credit (HELOC) allows flexible borrowing without resetting your primary mortgage. Learn more in our comparison of cash-out refinance vs HELOC.

Another option is recasting your mortgage, which reduces your monthly payment without replacing the loan. Read how recasting a mortgage works before deciding.

If your interest rate is already low, alternatives may preserve that advantage.

FAQs

Should I refinance again after 1 year?

Possibly — if rates have dropped enough to offset closing costs and you plan to stay in the home long enough to pass the break-even point. Always compare total interest paid, not just monthly payment.

What is the 2% rule?

The “2% rule” suggests refinancing when your new rate is at least 2% lower than your current rate. It’s a guideline, not a rule. Even a 0.5–1% reduction can make sense depending on loan size and timing.

What disqualifies you from refinancing?

Common issues include insufficient equity, high debt-to-income ratio, recent late payments, or credit score below minimum requirements. Review general refinance requirements before applying.

Is it bad to refinance multiple times?

Not inherently. It becomes risky if you repeatedly reset your loan term, increase principal, or fail to recoup closing costs. Each refinance should provide measurable benefit.

The bottom line

You can refinance your home as often as you qualify. The smarter question is whether refinancing again improves your long-term financial position.

Focus on three numbers:

• Your new interest rate
• Your closing costs
• Your break-even timeline

If the savings outweigh the costs — and align with how long you plan to stay — refinancing again can be a strategic move.

Compare options carefully, review your Loan Estimate in detail, and make sure each refinance clearly moves you forward.

...in as little as 3 minutes — no credit impact

Disclaimers

¹ The stated average monthly savings of $999 reflects the difference between customers’ prior monthly mortgage payment and the new monthly principal and interest payment on a rate-and-term refinance loan funded by Better Mortgage. This calculation is based on all Direct-to-Consumer rate-and-term refinance loans funded by Better Mortgage between January 1, 2025 and October 31, 2025. Savings amounts represent an average across this population and do not reflect a guaranteed or typical result. Individual savings will vary based on loan terms, interest rate, credit profile, property value, loan amount, and market conditions.
Monthly payment figures shown reflect principal and interest only and do not include taxes, insurance, HOA dues, or other applicable costs, which may increase the total monthly payment. Not all borrowers will experience monthly savings, and refinancing may increase total interest paid over the life of the loan.