by 
The Curious Bag
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A borrower can refinance his mortgage an unlimited number of times, however, doing so multiple times can eat up the equity in a home and cost the borrower more than it is worth over the life of the loan.
Significance
Refinancing allows a borrower to renegotiate the terms of his mortgage. Sometimes this is done to lower the interest rate and other times it is done to take cash out of the equity of the home.
Time Frame
Once a borrower owes a home for a period of six months, most companies will allow a borrower to refinance the loan.
Features
A refinance can cost a borrower 3 percent to 6 percent of the loan's total value, which can eat away at the equity of the home if the borrower includes the fees in the new debt.
Considerations
While a refinancing more than one or two times over the life of a 30-year mortgage may not be recommended, it could be the only option for a borrower who becomes overextended or needs cash to pay other bills.
Prevention/Solution
To avoid refinancing and to lower the overall interest expense of the mortgage, a borrower can make additional principal down payments to shorten the life of the loan.
Source:
FederalReserve.gov: Consumer's Guide to Mortgage Refinancing
HUD.gov: How Much Can I Refinance With My FHA-Insured Mortgage?
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