A refinance can be a great way to save money on your monthly interest payments, change the loan term of your mortgage to one that is more beneficial to you, or even obtain cash for completing home renovations and financing other major life expenses.
In general, homeowners can refinance at any time period during their home's mortgage and can even do so multiple times over the lifetime of their loan. However, some lenders and mortgage programs may institute a short waiting period after the purchase of your property or after major renovations have been completed before you can refinance.
For example, Fannie Mae typically requires a minimum of 6 months between a home's purchase and when the borrower can apply for a cash-out refinance.