As many as you wish. But there is a catch. It's not really a catch, just basic financial sense. Think about the reason why you are refinancing your mortgage. Most likely it's to save money. Well when you add up all the pros and cons of refinancing and it doesn't make 'cents' to do it, then it's not the right time.
Many times people think that because the interest rate has dropped it's time to refinance. This is a very good rule of thumb for refinancing. But there are other factors that need to be considered. Each time you refinance you are getting a new loan to pay off your old loan. There are costs associated with a new mortgage such as appraisal fees, title and recording fees, taxes as well as normal closing costs. As a deterrent to refinancing quickly, some loans come with hefty prepayment penalties.
All of these fees can be financed with the new loan but you have to consider that now the new loan will be higher. Is your home worth enough to cover the fees tacked on to the new loan? Even with the lower interest rate, will the new payment be low enough to make refinancing worth while?
How many times can you refinance a mortgage? How many times has your situation changed? If your financial situation has changed, you may not be in as good a shape as you were with the old loan. A new credit report will be pulled and you should know if there's anything in it that can cause you problems. If your income is lower, you may not qualify for the lowest interest rates advertised.
All these factors can also be a reason to refinance. If your credit score or income has increased, it may be worth it to refinance. It's not always the interest rates that are advertised but the interest rates that you qualify for. So because of your better financial situation, you may qualify for rates that are 1 to 2% lower than what you have.
How many times can you refinance a mortgage? As many times as economically feasible for you.
