Refinancing a mortgage can take anywhere from 30 to 45 days, depending on the situation. However, there are certain factors that can speed up or delay the process. Government-backed Streamline Refinance loans, which often don't require an appraisal, could close faster. The exact time frame for refinancing your mortgage will vary depending on your particular situation.
At Better Mortgage, our average closing time is 32 days, 10 days faster than the industry average. This is due to our simplified online process that provides a series of steps to refinance quickly and conveniently. When you refinance, you have to fill out a mortgage application, provide documentation, process the underwriting, and often wait for a new home to be appraised. This means it takes about as long to get a refinance loan as it does to get a home purchase loan.
Understanding the factors that can speed up or delay the refinancing process can give you more control over how long it takes to refinance your home. Refinancing usually takes 30 to 60 days and can take 5 to 7 weeks to complete with most traditional lenders.