Refinancing can still help with lower payments, cash access, changed terms, or PMI removal, but approval depends on loan type and full underwriting.
Some government-backed refinance options can be more flexible for weaker credit, while conventional refinancing commonly starts near 620 and improves with stronger scores.
Closing costs often equal ~2%–5% of the loan, so compare monthly savings, break-even timing, new PMI, and total interest before committing carefully.
A co-signer may strengthen income qualifications, not automatically transfer their higher score. Shopping multiple lenders with soft-pull prequalification helps protect credit during applications.
For better refinance terms, prioritize on-time payments, lower utilization, error disputes, and fewer new accounts; many borrowers see progress within 3–12 mo.