For a standard rate-and-term refinance (no cash out), there is generally no minimum seasoning period. The streamline programs are the exception, and their clocks are specific. If rates improve enough to make the math work a few months after you close, you can move. The government streamlines have waiting periods built into program rules: - FHA streamline: three clocks all have to run. You need at least 6 payments made on the loan you are refinancing, at least 6 full months since your first payment came due, and at least 210 days since that loan closed, all measured when the new FHA case number is assigned. - VA IRRRL: the later of 210 days after your first payment due date and the date you have made six consecutive monthly payments. - Both require a real benefit, and neither allows cash out. On an FHA fixed-to-fixed streamline, the new combined rate (note rate plus annual mortgage insurance) must come in at least half a point below the old combined rate. On a VA fixed-to-fixed IRRRL, the rate must drop at least half a point and the costs must be scheduled to be recouped within 36 months. If you would rather not wait, refinancing into a different loan type instead of a streamline can usually be done as soon as it pencils out, assuming you fully qualify. Whether a refi is worth doing is a math question. Our rule of thumb: divide $125,000 by your loan amount to find the rate drop that justifies a no-cost refinance. A $500,000 loan needs about a quarter point; a $250,000 loan needs about a half point. Smaller loans need a bigger rate move because the fixed costs are spread over less balance. One practical note: your original lender may owe the investor an early-payoff penalty if you refinance quickly, so it is worth giving them the first shot. A good loan officer is already watching rates for you and will reach out when the window opens, rather than leaving you to track it yourself. If you would like us monitoring your file, send your mortgage statement and we will add you to the rate watch list.