The home refinancing process can take 13 to 41 days, but delays can occur due to complex financial situations or documentation errors.
Whether you want to refinance your mortgage for a lower rate or take out cash to pay down debt, you probably want to close your refinance as quickly as possible.
How long does it take to refinance a home? A mortgage lender explains how long it might take to close your mortgage loan.
How Long Does it Take to Refinance a Home?
“A typical refinance should not take more than 30 days from application to closing,” says Reed Letson, owner of Elevation Mortgage. “We can get them done in a couple of weeks.”
Some options might take longer, but if everything goes smoothly, you’ll typically be able to refinance your home in about 41 days.
On the other hand, some refinance applications could take under a month because there’s less paperwork involved. “If you are doing a streamline refinance (VA IRRRL or FHA Streamline), income and asset documentation is not required,” Letson says. “There are also several lenders that do not require credit scores either.”
How Does Refinancing a Home Work?
The refinance process is similar to the process of your original home loan. Let’s examine each of the steps involved in the refinance process and what happens at each step.
Step 1: Select a Mortgage Refinance Lender
No rule says you need to refinance with your original mortgage lender. You might be able to take advantage of a lower interest rate or a better customer service team by refinancing with a new lender.
Take some time to explore your refinance options before you apply. Research some of your state’s best refinance mortgage companies and compare each option’s interest rates and credit requirements.
Step 2: Complete a Loan Application
Thanks to the rise in popularity of online mortgages, most lenders no longer require you to visit a physical bank or branch to fill out your refinance application. Even lenders with physical locations have streamlined the refinance process.
If you apply for a refinance through Rocket Mortgage® by Quicken Loans®, for example, you can apply on your smartphone or tablet.
When you apply for a refinance, your lender usually asks you to submit some financial information. Your lender will typically ask you to provide at least the following:
- Your last two pay stubs
- Your last two W-2s
- Your last two months of bank statements
- Your current mortgage statement
- Homeowners insurance information
If you’re self-employed, your lender might ask you for more documentation that proves your income, such as your last tax return. Having this documentation on hand before applying for a new loan can speed up refinancing.
Step 3: Receive a Home Appraisal
After you apply for a refinance, your lender will return a decision to you with a loan estimate. Your loan estimate tells you about the costs and fees associated with your new loan. Most online lenders return a loan estimate quickly after you apply.
From here, your loan enters the underwriting stage. During this stage, your lender will order a new home appraisal if your loan requires it. Not every refinance requires an appraisal.
For example, if you’re using an FHA or VA Streamline, you won’t need to wait for an appraiser to visit your property. However, you’ll need to get a new appraisal for most rate or term refinances and all cash-out refinances.
The refinance appraisal process is almost identical to the appraisal process you went through when you bought your home. The only major difference is that now you may attend the appraisal as a homeowner. In a later section, We’ll review a few ways you can improve your appraisal results.
Step 4: Wait During Loan Underwriting
The underwriting process usually takes longer than any other step. During underwriting, your lender uses a fine-toothed comb to review your finances to ensure you can afford your new loan payment. Your underwriter also looks at your income, assets, debt and credit, as well as the results of your home appraisal relative to the amount of money you want to borrow.
Most underwriting closes in five to eight business days. However, if you have a more complicated financial situation, your lender might take up to three weeks to finish underwriting your loan. When underwriting is complete, your lender will get in touch with you to schedule the final steps of your refinance.
Step 5: Review Your Closing Disclosure
When your lender finishes underwriting your loan, they’ll issue you a Closing Disclosure. Your Closing Disclosure is a final tally of the fees and costs you’ll need to pay at closing. This document also includes information on your new loan term, monthly payment, APR and more.
Lenders are legally required to give you at least three days to review your Closing Disclosure before they can finalize your loan. Take a look at your disclosure and compare it with your loan estimate. If the estimates on your Closing Disclosure and Loan Estimate are very different, contact your lender to ask why. If everything checks out, tell your lender that you’ve received the disclosure and that they may schedule your closing meeting.
Step 6: Attend a Closing Meeting
Closing a refinance is easier than closing on a mortgage loan. Since you own your home, you won’t need to deal with any real estate agents or sellers. When you attend your closing, bring these items:
- Some form of government-issued photo ID (a driver’s license, passport or military ID)
- Your Closing Disclosure
- A cashier’s check to cover your closing costs or proof that you’ve already paid your closing costs online
- A list of key contacts, like your agent or refinance officer, in case you have any questions later
Most closing meetings for refinances take about 30 minutes. However, if you have any last-minute questions about what you’re signing, you should feel free to take as long as you need.
The Bottom Line
There’s no clear answer on how long it takes to refinance a home because everyone’s situation is different, but in most cases, it should be done in 30 to 41 days, as long as you have all the necessary documents in order. Here are a few tips on how to nail the home refinancing process.
- Have paycheck stubs, W-2s, and your current mortgage statement handy
- Research refinance lenders before starting the process
- Consider different home refinance options
- Be patient; it could take up to 41 days to complete the process
Why You Should Trust Us
Benzinga has offered investment and mortgage advice to more than one million people. Our experts include financial professionals and homeowners, such as Anthony O’Reilly, the writer of this piece. Anthony is a former journalist who has won awards for his coverage of the New York City economy. He has navigated tricky real estate markets in New York, Northern Virginia, and North Carolina.
For this story, we worked with Reed Letson, the owner of Elevation Mortgage, a mortgage lender in Colorado and Florida.
FAQ
How long does it take to get refinanced?
The typical home refinance process can take 30 to 41 days, depending on your finances, whether you have all the necessary documents handy, and factors like your credit score.
What are the stages of refinancing?
There are six stages to refinancing a home:
- Select a mortgage refinance lender
- Complete the refinance application
- Receive a home appraisal
- Wait for loan underwriting
- Review closing disclosure
- Attend closing meeting
What is the interest rate for refinancing?
As of mid-February 2025, refinance interest rates were around 6.96%. Like any interest rate, this number could change at any time and is usually tied to the Fed prime rate.
Sources
- Reed Letson, owner of Elevation Mortgage
About Anthony O'Reilly
Anthony O’Reilly is an updates editor for Benzinga. He’s won numerous journalism awards for his coverage of the New York City economy and Long Island school district budgets.