One of the biggest incentives to owning a home is accruing equity as you pay down your mortgage and watching real estate values climb. To obtain that equity, you need to refinance your home when it has increased in market value.

If you've been following real estate market trends, you've noticed that rates are close to striking record lows. To capitalize on these low rates, you might wonder if you can refinance your home, especially if you've recently purchased a house or recently refinanced your current one.

The simple answer is that it might not be too soon. Many homeowners can refinance to a lower rate with no waiting period. Others might need to wait only six months before they can go through the process again. However, it all depends upon what type of home loan you have and what type of refinanced mortgage you plan to obtain.

If you have a conventional loan, in most cases you can refinance this loan as soon as you want. You just can't get a cash-out refinance with a conventional loan unless you've owned your residence for at least six months or unless you obtained the property in a divorce, separation, or dissolution of a domestic partnership.

An FHA loan has several types of refinance options, all with their own rules:

• Cash-out. You must have owned and occupied the home as your main residence for at least 12 months. If you have a mortgage, you must have had it for at least six months.
• Rate and term and simple refinance. You must wait at least seven months before refinancing.
• FHA streamline. You must have had the mortgage for at least 201 days and made six monthly payments.

VA loans stipulate that you wait 210 days or make six payments, whichever is longer. 

If you have further questions, reach out to your mortgage broker or loan officer to determine if and when you can refinance. They can also help you determine which type of refinance option works best for your needs.

Sources: Themortgagereports.com, Gobankingrates.com, Nerdwallet.com