One can refinance anytime.
You may however need to take into consideration the varying restrictions and limitations on any prospective program, but that shouldn't stop your application, provided you are eligible First determine if your need for refinancing is to tap into your home's equity, take advantage of rate fluctuations or simply to improve your monthly cash.
In most cases, there is no effect on your credit score, but if cash is generated from your home to pay off any outstanding debts, this is likely to have a positive effect on your credit score.
LENDERS AND REFINANCING Refinancing will take a lot of process in order to certify when, how, whom to refinance, and in what conditions to refinance.
Hence, the activities of the lenders are crucial in this state since decisions have to be taken after considering your assets, income, and current values of the property, credit score, debts and the amount to be borrowed.
The lenders take certain steps into awarding loan by looking into appraisals which contains the value of your home.
And may not be convinced enough to offer a loan if the loan-to-value (LTV) ratio does not conform to their lending guidelines.
Thus getting a loan at a lower rate depends on the level between the initial credit score and current mortgage especially if the credit score has improved but if not improved, a high interest rate on new loan would be demanded by lenders.
It is possible that a lot of debt may be incurred on your mortgage than original loan borrowed.
This is a very hard case in which to refinance.