Can I refinance after or during forbearance?
Refinancing after or during forbearance could be a smart move.
If you’re able to lock in a lower interest rate and monthly payment, it could make resuming your mortgage payments that much easier.
That goes double for homeowners who decide to repay their missed loan amount by adding a little extra to each monthly payment.
Typically, you won’t be able to refinance right away.
But you might be able to do so after you’ve been making 3 timely payments.
For most major loan types — including conventional, FHA, and USDA loans — you need to have made at least 3 consecutive payments after exiting forbearance in order to be refinance-eligible.
For VA loans the forbearance amount must be brought current in order to qualify.