Core Insights - The average time to refinance a mortgage is 42 days as of September 2025, down from 44 days in June and July, aligning with the average closing time for purchase loans [2][12][13] - Conventional loans tend to close faster than government-backed loans, with FHA loans taking an average of 44 days and conventional loans taking 41 days to refinance [3][5] Refinancing Process - The refinancing process involves several steps: determining goals, shopping for lenders, gathering documentation, applying for the loan, awaiting appraisal, going through underwriting, and closing the loan [4][6] - Key documentation required includes recent tax returns, W-2s, bank statements, pay stubs, and identification documents [6] Factors Influencing Timeline - The type of loan being refinanced impacts the timeline, with government-backed loans generally taking longer due to additional requirements [5][8] - Responsiveness to loan officer requests can significantly affect the speed of the refinancing process [8] Speeding Up Refinancing - To expedite refinancing, borrowers should prepare documentation early, respond quickly to requests, and consider lenders known for faster processing times [9][11][14] - Streamline refinance options for FHA and VA loans can help skip time-consuming steps like appraisals [7][12] Market Conditions - Market demand for mortgages and refinancing can influence processing times, with higher demand potentially leading to slower service [9]