There is no limit to how many times you’re allowed to refinance a mortgage, though a lender might enforce a waiting period between when you close on a loan and refinance to a new one.
Does refinancing harm credit rating?
In conclusion, refinancing will negatively affect your credit score initially, but may be beneficial in the long term. Refinancing can drastically reduce your debt and/or your monthly payment, and both are desirable to lenders. Typically, your score will drop a few points, but it will recover within a few months.
Refinancing: Does it save money?
Pros – You are able to reduce your interest rate. You might reduce your monthly mortgage payment and make more room in your budget. You might reduce your loan’s duration and pay it off faster. You might access the equity in your house and receive cash at closing.