 TITLE: When Can I Refinance My Home? CONTENT: Depending on the situation, it's possible to refinance a mortgage loan immediately. In some circumstances, however, you may need to wait:\n*   If you want to do a cash-out refinance and gain access to some of the equity you have in the home, the waiting period can be at least six months after your current mortgage loan closed.\n*   If your original loan was modified to make payments more affordable, you might need to wait up to 24 months before you can refinance it.\n*   If you want to refinance an FHA loan with an FHA Streamline Refinance, the waiting period is 210 days.\nEven if you can refinance your loan shortly after getting it, there are some things to consider before you do so.\nFor starters, some mortgage lenders have pre-payment penalties that kick in if you refinance your loan or sell your home within three to five years. Also, getting a mortgage can affect your credit scores, so if you apply for a refinance loan shortly afterward, it could influence your qualification requirements, making it difficult to get a new loan to replace the old one.\nFinally, some lenders may require a waiting period between loans, which can limit your options when looking for a loan with the best terms for your needs. END