How long does it take to refinance a house?

A man with visible tattoos on his forearm sits at a dining room table while reviewing mortgage refinance documents.Image: A man with visible tattoos on his forearm sits at a dining room table while reviewing mortgage refinance documents.

In a Nutshell

Refinancing a house takes approximately 30 to 45 days but can vary. Though the process takes time, it can be worth it in the long run. A lower interest rate could lower your monthly payments, and shortening your loan term could save you money on interest.
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Refinancing your house can take approximately 30-45 days, but appraisals, inspections and other aspects of the home refinance process conducted by third parties may affect this timeline.



7 steps to refinance your home

Refinancing your home could help you save money in the short term by extending your loan term and lowering your monthly payment or help you save on interest throughout your loan with larger monthly payments and a shorter loan term.

If your credit has improved since you took out your original loan, you may also be able to lower your loan’s interest rate.

7-step-home-refinancing-timelineImage: 7-step-home-refinancing-timeline

Step 1: Define your financial goals

One of the first steps to refinance a house is asking yourself what you’d like to get from refinancing. Do you want to shorten your loan term? Do you want to secure an interest rate lower than your current rate? Do you want both?

Determine your ideal result, verify your investment choice and seek a lender who supports your goals.

Step 2: Compare lenders (and reviews)

Ask around or search online to find the right lender for you and your goals. Pick a few lenders who match your interest and ask them about their rates, terms and requirements. To help narrow down your options and make the right choice, seek out reviews online or ask for referrals in your network.

Step 3: Double-check for additional fees or costs

Refinancing may have fees you’re unaware of until after you start the loan process. An appraisal, attorney work and title searches are common refinancing charges.

Step 4: Apply for your best loan estimate

Once you’ve found the right loan for your financial goals, the next step is to fill out your application. To submit your application, you may have to provide proof of income, assets, debts and other forms that complete your financial portfolio. The following documents may be helpful in the application process:

  • Proof of income: This could include W-2 earnings statements, 1099-DIV income statements, federal tax returns for the last two years, bank statements for the last few months and recent paycheck stubs.
  • Proof of assets: Provide reports from your checking, savings, retirement and other investment accounts.
  • Proof of insurance: Provide evidence of your homeowners and title insurance.
  • Debt statements: Provide statements of any debt accounts open, including student loans, credit cards, your current home loan, car loans, etc.

Step 5: Start the loan process and appraise your home

Once the lender approves your refinance, it’s time to get an inspection and appraisal, and conduct a title search on your home. Prepare all your documents beforehand to ensure you’re on track with your timeline.

Step 6: Wait for underwriters

Underwriters take it from here by reviewing your financial information for inaccuracies before approving your loan. Generally, your credit and debt-to-income ratio are key factors underwriters will consider.

A few other determining factors include property details and home value. This process may be the longest time constraint, taking a few days up to a few weeks.

Step 7: Close your loan and lock in your interest rate

You’re near the finish line once your loan is approved and you’ve agreed to terms. If you haven’t done so already, lock in the best interest rate and remember to account for miscellaneous fees when calculating the total cost to refinance your home.

Are there ways to speed up the refinance timeline?

If refinancing your loan benefits your budget, you may be eager to get your new loan. Luckily, there are a few tricks to speed up this process:

  • Round up your paperwork ahead of time: Just like you would gather your paperwork before heading to get a new driver’s license, do the same for your lender. Look up your state’s refinancing loan requirements and create a checklist of required documents.
  • Double-check your credit: As most lenders require a credit score of 620 or higher, it may be the right time to check in on your score. Use the Credit Karma app to see your credit score, your credit history and helpful tips to boost your scores.
  • Avoid taking on more debt: Your debt impacts your credit score. Maxing out your credit card could negatively impact your credit score and cost more in the long run. To lower your credit card utilization, focus on paying off debts and only spending your readily available money.
  • Don’t apply for new credit: Hard inquiries about new debt opportunities could drop your credit score by a few points. Next time a lender offers you a new credit card or car loan deal, take a few days to analyze the potential credit changes that could impact your refinanced mortgage.

FAQs about how long it takes to refinance your home

Does refinancing hurt credit?

Refinancing a home may initially lower your credit scores due to a hard pull of your credit reports, but the effect from that hard pull should wear off within a few months.

How much income do you need to qualify for a refinance?

The income you need to qualify for a home refinance varies. However, lenders typically like to see a maximum debt-to-income ratio of 43% of your pretax income.

What credit score do you need to refinance your house?

Lenders generally like to see a credit score of 620 or higher.

Though the mortgage refinance process takes time, it may be worth it in the long run. Getting a lower interest rate or a shorter loan term could lower your payments or save you money throughout the life of the loan. Try using a mortgage refinance calculator to see what refinancing could do for your budget.


What’s next: Compare mortgage refinance rates

Though the mortgage refinance process takes time, it may be worth it in the long run. Getting a lower interest rate or a shorter loan term could lower your payments or save you money throughout the life of the loan. Try using a mortgage refinance calculator to see what refinancing could do for your budget.