How soon can I refinance after buying?

It depends on the loan. Some programs have waiting periods, for example an FHA streamline needs at least 210 days and six payments on the current loan, and a Fannie Mae cash-out refinance needs the loan being paid off to be at least 12 months old.

Do I need an appraisal to refinance?

Usually yes. FHA streamline and VA IRRRL refinances often do not require one. Your lender decides based on the program.

Can I refinance a co-op?

Yes, if the lender lends in the building and the board approves. Co-op loans are not recorded as mortgages, so the New York mortgage recording tax and CEMA do not apply the same way.

How to refinance a mortgage in New Jersey and New York

A refinance replaces your current mortgage with a new one, usually to get a lower rate, change the length of the loan, switch from an adjustable to a fixed rate, or take cash out. You pay closing costs again, so it only makes sense if the savings outweigh them.

Steps

Check your current balance, rate and years left on your latest mortgage statement.
Ask at least two lenders for a Loan Estimate on the same day and compare rate, points and fees on the same form.
Expect an appraisal, income and credit checks, and a title search, unless your loan qualifies for a streamline refinance.

Your right to cancel

For most refinances of the home you live in, federal law gives you until midnight of the third business day after closing to cancel in writing.
The right to cancel does not apply to a loan you use to buy a home.
Money from the new loan is usually paid out only after that period ends.

New York: ask about a CEMA

New York charges a mortgage recording tax when a new mortgage is recorded.
Under Tax Law section 255, a refinance done as a consolidation, extension and modification agreement (CEMA) can avoid paying that tax again on the balance you already owe. You pay it only on new money.
Not every lender or loan allows a CEMA, and co-op loans work differently. Ask your lender and attorney early.

Questions people ask

How soon can I refinance after buying?: It depends on the loan. Some programs have waiting periods, for example an FHA streamline needs at least 210 days and six payments on the current loan, and a Fannie Mae cash-out refinance needs the loan being paid off to be at least 12 months old.
Do I need an appraisal to refinance?: Usually yes. FHA streamline and VA IRRRL refinances often do not require one. Your lender decides based on the program.
Can I refinance a co-op?: Yes, if the lender lends in the building and the board approves. Co-op loans are not recorded as mortgages, so the New York mortgage recording tax and CEMA do not apply the same way.

Official sources

Facts checked 2026-11-01. General information, not financial, legal or tax advice. We are not a lender.

Related: Refinance and home equity

Guides →