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In most cases, there is not a waiting period on mortgage refinancing. However, some FHA mortgages require that the borrower own the property for a full 90 days prior to refinancing. Also, if the borrower has a pre-payment penalty on his mortgage, he may incur a fee for refinancing prior to the end of that period.
Source:
MortgageCalculator.com: Mortgage Types
FederalReserve.gov: A Consumer's Guide to Mortgage Refinancing
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