Yes. There's no limit on how many times you can refinance, as long as you still qualify and each new loan gives you a net tangible benefit. Net tangible benefit means a real, measurable improvement: a lower rate, a lower payment, a better term. The thing to watch after a cash-out refinance is seasoning, because a later refinance treated as a standard rate-and-term generally gets better pricing and more favorable loan-to-value limits than another cash-out. Two separate clocks are worth keeping straight: - How old the loan is. Program rules control when a refinance following a cash-out can be treated and priced as a rate-and-term rather than another cash-out. - When a new appraised value can be used. Using a new, higher value to support cash-out generally takes about 12 months on conventional and FHA loans; VA works off a 210-day seasoning requirement. These windows are program-specific and have moved around in the guidelines, so confirm the current requirement for your exact loan type before you count on it. Practically: if you did a cash-out refi and now just want better terms with no additional cash out, you usually can. Timing the new loan past the seasoning window is what lets it price as the cheaper rate-and-term transaction. Tell your loan officer about both refinances up front so the second one lands on the right side of that window.