How Long Does it Take to Refinance a House?

So how long does it take to refinance a house?

It could be done in less than 30 days or take as long as 90 days.

The truth is, it depends on how fast you get all the documents to your loan officer.

Refinance Rates (December 2020)

Loan Term

Interest rate


30-year fixed-rate



15-year fixed-rate



5/1 adjustable-rate



Average Time it Takes to Refinance

According to Ellie Mae’s latest Origination Insight Report, the average time it takes to complete a refinance is 48 days.

The average time it takes to close a new purchase loan is 51 days.

There are many examples of homeowners who completed their refinance loan in as little as 30 days. There are also examples of homeowners who had to wait 60 days or longer to complete their refinance.

Delays are more common when refinancing, maybe because there is no rush and pressure to close on time from a seller. You’re already in the home, so if it takes a few more days or weeks to complete the transaction, it’s not a huge deal.

How to Speed Up the Process

Inefficient loan officers are one of the most common reasons the refinance process can be slowed down. Asking for one document one day and another document another, instead of getting all documents prepared correctly before submitting it to underwriting.

You can help speed up the process by having all of your mortgage documents ready and organized for your loan officer.

Refinance Document Checklist

  • 2 years of w2’s
  • Pay stubs
  • 2 months of Bank Statements
  • Previous 2 years tax returns
  • Profit and loss statement if self-employed
  • Proof of any other income
  • Bankruptcy paperwork (if applies)

How to Get the Best Refinance Rates

To get the lowest mortgage rate, you will need to have the highest credit score possible. If you have some work to do on your credit, then delaying your refinance may benefit you. By delaying the process, you will have more time to work on increasing your credit score.

One of the most common ways of improving a credit score is to pay down your credit card balances. The amount of available credit you are using is called your credit utilization ratio, which makes up 30% of your overall FICO score.

You should also check rates with multiple lenders. Getting rate quotes from 3-4 different lenders is recommended to ensure you’re getting a competitive rate and do not pay too much in closing costs.

Getting the Best Deal


Reasons to Refinance

While the most common reason homeowners are looking at refinancing their mortgage is to get a lower rate, there are many other reasons to refinance your mortgage. You may be able to drop private mortgage insurance (PMI) by refinancing, which can save you hundreds of dollars off your monthly payment.

Because most FHA loans require mortgage insurance for the life of the loan, if you have an FHA loan, you will need to refinance into a conventional loan to drop PMI.

  • Lower interest rate
  • Drop mortgage insurance
  • Refinance adjustable-rate mortgage into a fixed-rate
  • Pay off your mortgage faster with a 15-year mortgage.
  • Get cash out with a home equity loan or cash-out refinance