Can I Get A Mortgage Now And Refinance Later? Home Loan Timelines

Can you get a mortgage now and refinance later when interest rates go down? The answer is “yes.” Many people have made this choice in the LA area in recent years. 

The Federal Reserve is no longer increasing interest rates every quarter. It’s more than possible that mortgage interest rates will stay level and potentially decline as we move into 2024. When interest rates are lower, refinancing options can make sense for many different home ownership and buying situations.

If you’re considering this option, what are some of the advantages to getting a mortgage with the plan of refinancing later?

Reasons to Refinance

There are several reasons to refinance a mortgage. First, if interest rates go down, you can update your rate and lower your monthly payment while still building equity.

Second, you might consider refinancing from a longer-term 30-year mortgage to a shorter term, which would allow you to pay off your home sooner.

Third, you might have a variable or adjustable rate mortgage (ARM), and want to refinance into a fixed rate mortgage. This option can give you financial stability.

You may also want to refinance your mortgage to eliminate mortgage insurance, which adds to your payment every month.

Home Equity and Mortgage Refinancing

You build equity in your home not only by making monthly mortgage principal payments, but also through increases in your home’s value. 

Is it realistic to assume that LA home prices will more than double over the next ten years? If we look back, there are periods of time where home prices in LA and nationwide didn’t continuously increase.

However, in 2013, the median sales price for a LA-area home was $410,000. Ten years later, the median sales price is $882,020. That’s an increase of more than 115 percent. This means that many Los Angeles homeowners have significant equity in their property.

You might be able to refinance your home mortgage to pay off big expenses like home repairs and improvements. Other uses for home equity and refinancing include paying for educational costs and paying off other high-interest debt.

Even in today’s higher interest rate environment, mortgage refinancing can make sense from different financial perspectives.

This is why experienced loan experts like California Platinum Loans, can help. Work with their team to uncover the mortgage programs that are right for you, whether for initial home purchase or refinancing.


Martin, Erik J. “How Soon Can I Refinance My House? Here are the Rules,” The Mortgage Reports, 13 July 2023, url:

Los Angeles Almanac. “Median Home Prices Southern California Existing Detached Homes by County, 1990-2023.” url:

Poenar, Roxana. “Home Prices in LA County Are 69% Higher Than 5 Years Ago,” Property Shark, 27 November 2017, url: