Most loans require from two weeks to two months to complete. The time difference depends on the loan program, property and financial history of the borrower. Conventional mortgages are usually much faster to close than Government Guaranteed Loans. Special purpose loans, being funded by private investors, can often be closed in a matter of days.
Many factors are involved in this question. If the purpose of the refinance is to raise additional cash, the answer is any time the cash is needed. If you are trying to reduce your monthly payments, I would recommend a refinancing whenever interest rates drop 1 1/2 to 2 1/2 percent. Special circumstances often justify a refinance transaction with a smaller interest rate decrease.
All refinancing expenses can usually be put into the new loan, as long as the property appraises at a sufficiently high value. Vancouver Mortgage will collect the prepayment of fees for the property appraisal and credit check. For most borrowers, this is $470. This amount can be refunded to you at the closing of your loan.
This varies greatly by loan program. The maximum loan amount is set by two factors: the appraisal amount and the maximum loan to value ratio (loan amount divided by the appraised value). For a no cash back refinance, the maximum loan to value ratio is 90% for owner occupied primary residences. For a cash back transaction, the maximum ratio is 75% on most conforming loan programs; up to 85% LTV is available at higher rates.