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Mortgage Refinance Timeline

Mortgage Refinance Timeline

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

    The timetable to refinance your mortgage varies depending on many factors but the process typically takes four-to-seven weeks. Variables such as if you are changing lenders, switching loan programs or taking cash-out can all affect how long it takes to refinance your mortgage. Other changes to your personal, financial or employment situations can also impact process timing. For example, if your credit score changed significantly or you moved jobs, it can take more time to process your refinance application.

    If your application information has remained relatively consistent and you are doing a simple rate and term refinance, the process can go relatively quickly. In the most straightforward of cases, your refinance can be completed in less than a month. If your circumstances are more complicated, it can take up to two months to process and close your refinance so you should include a buffer in your timetable.

    The mortgage refinance timeline below outlines the major steps in the process from determining how much equity you have in your home, to the right of rescission period, to funding your refinance.  To scroll to the end of the timeline move the white circle across the page or click below and use your forward and back arrow keys.  We also provide a printer friendly version of the timeline and a day-by-day mortgage closing schedule.

  • Great Mortgage IdeaIt is important to emphasize that when you refinance your mortgage you should expect the unexpected including delays and unforeseen issues. The process almost always takes longer than anticipated so you should build a cushion into your time frame to make sure your refinancing closes when you need it to.

Week 1

Get Orgranized

Determine Refinance Amount


Check Your Credit Report

Credit Score Required for a Mortgage Credit Karma

Determine How Much Equity You Have in Your Property


Weeks 2-3

Weeks 4 - 7

Finalize Mortgage Application

Lock Your Refinancing

Settlement Agent Opens Escrow

Settlement Agent Orders Title Report

Lender Orders Appraisal

Receive Lender Underwriting Approval

Review Closing Disclosure (CD)

Settlement Agent Orders Loan Documents

Review & Sign Documents

3 Day Right of Rescission Period

Fund Mortgage

Record Mortgage Documents

Close Refinance!

Finish Line
  • %
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    Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.
  • Sources

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About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael


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