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How long does it take to refinance a house?

Aly J. Yale · Freelance writer

Updated Fri, Sep 20, 2024 5 min read

There are many reasons to refinance your mortgage. Maybe you want to take advantage of lower interest rates and reduce your monthly mortgage payments. You might need more time to pay off your loan — or want to pay it off earlier.

You can also refinance as a way to turn your home equity into cash. (This one’s called a cash-out refinance.)

Whatever the reason, refinancing your mortgage can often be a smart financial move. But just how long does it take to refinance a house? Here’s what the numbers tell us.

Learn more: Today’s refinance mortgage rates

In this article:

How long does it take to refinance a mortgage?

According to ICE Mortgage Technology, it took an average of 42 days for borrowers to refinance a mortgage loan in August 2024 — this number reflects conventional and FHA loans nationwide. That’s down from 44 days in July and just one fewer day than the average closing time for purchase loans.

Conventional loans close faster than government-backed ones, according to ICE’s data. In August, it took 46 days to refinance FHA loans and just 42 days to refinance conventional loans.

Factors that impact how long refinancing a mortgage takes

As you can see above, the type of loan you’re refinancing into can play into how long it takes. Since government-backed mortgages tend to have more red tape than conventional ones, they can often take longer to close — both on purchases and refinances.

The type of loan you’re refinancing out of matters too. For example, if you’re refinancing from one FHA loan to another, you might be able to use an FHA Streamline Refinance. This allows you to skip more time-consuming steps like an appraisal and a credit report check, which can potentially speed up the process considerably.

VA loans also have a streamline option if you’re refinancing from one VA loan to another. This is called the VA IRRRL (Interest Rate Reduction Refinance Loan) program.

But let’s say you’re refinancing out of an FHA loan and into a conventional loan. This might take a little longer because you need to go through a home appraisal and credit check all over again.

Here are some other factors that can impact your refinancing timeline:

Your mortgage lender: What is their staffing and workload like?
Market conditions: Is there a lot of demand for refinancing right now, slowing down the process?
Your finances: Do you have non-traditional income that needs extra documentation or more careful underwriting?

How responsive you are to your loan officer’s requests can also be a factor. By communicating efficiently, you can help move things forward.

How to speed up your refinance

You can’t always control how quickly your refinance moves, but you can take some steps to help move the process along.

If you want your refinance to go more quickly, you can:

Do your research: Know which kind of home loan you will refinance into and what type of refinance you will pursue (traditional rate-and-term refinance, cash-out refinance, or streamline). Then, you can go into the refinancing process fully prepared.
Make sure you qualify first: Check your mortgage lender’s eligibility requirements, and make sure you meet their minimum standards for credit score, debt-to-income ratio, and loan-to-value ratio. Getting denied and having to shop around for a new lender and loan is only going to delay the process. You don’t have to refinance with the same lender you used for your original mortgage — going through the same lender is just a good way to speed up your refinance.
Prepare your documentation early: Go ahead and pull your W-2s, tax returns, recent pay stubs and bank statements, and other financial documents. This will allow you to soar through your application process as quickly as possible.
Be responsive: If your loan officer has a question or needs more documentation, respond quickly. The longer you delay getting them information, the longer your loan will take to underwrite and close.
Get your home ready: Your home will likely need to be appraised before you can refinance your mortgage, so make sure the property is prepared. Give your curb appeal a quick spruce-up, make any necessary and obvious repairs, and have the documents and receipts on hand for any upgrades that could impact your home’s value.

Shopping around for your mortgage lender can also help. For instance, some lenders may specialize in faster closing times. Better Mortgage, for instance, advertises refinancing timelines 10 days faster than industry averages, while New American Funding offers a 14-day closing guarantee. These may help you refinance even more quickly than if you use your original lender.

Learn more: The best mortgage lenders right now

How long does it take to refinance a home? FAQs

How fast can you refinance a house?

The national average is 42 days to refinance a mortgage, but some lenders offer closing times much faster than this. You can also speed up the process by having your documentation ready, being responsive to your loan officer, and pursuing a streamline refinance for FHA, VA, and USDA loans.

What is the turnaround time for a refinance?

The turnaround time for a mortgage refinance depends on your lender, the loan type you’re refinancing into and out of, your financial situation, and market conditions. As of August 2024, the average processing time was 42 days.

What can I do to speed up my refinance?

Make sure you have your financial documents ready before you apply for your loan, and respond quickly to your loan officer’s questions and requests. You can also shop around for your lender (some offer faster closing times than others) and pursue a streamline refinance, which could let you skip more time-consuming steps like appraisals and digging up certain documentation.

This article was edited by Laura Grace Tarpley.