Can I refinance my mortgage with a different bank, different than the one I currently have it with?

Yes, you can refinance with a different bank if you meet their requirements. I’ve never heard of anyone having special stipulations saying they couldn’t do so.

You can refinance with anyone willing to lend you the money to buy out the first mortgage. It doesn’t necessarily have to be a bank. Some loans do have an early payoff penalty.

You can refinance with anyone who will qualify you. They pay off your current mortgage and start new. There is no real advantage to staying with your current bank (to refinance) unless they offer you the best terms.

@Judi Agreed

Of course you can. It just means that someone else is willing to lend you the money needed to pay off the first loan. When the original lender is paid off, they’re out of the picture, and now you owe money to the second (refinance) lender, under new terms. Keep in mind, however, the following subtleties:
1. Often the qualification requirements are a bit stricter. For example, while the original lender may have been willing to lend you 80% of the value of the house, the refinance lender may only be willing to lend you 75%. Or may require a higher credit score.
2. Original loans (aka, purchase money loans) are usually non-recourse loans, whereas refinanced loans are usually recourse loans. This may be important to you. If you haven’t heard these terms before, google them.

What if you’re not working? Can you still get refinanced?

In order to qualify for any kind of refinance you are going to have to have some kind of income that can be documented. It is my understanding that there are still loans out there that don’t require proof of income but I believe that at this point those are few and far between.

You have to re qualify to refinance. They are being pretty darned strict right now, so you have to be able to prove your ability to pay. You also have to show reasonable equity, and pass their credit standard.

Sometimes, if you refinance with your current lender, you can avoid some of the items usually required, such as an assessment or mortgage insurance or something. We did this once, but then the next time we refinanced, they made us do a new assessment, or whatever it was. I think it was because we switched from a mortgage to a home equity loan.

I agree with wundayatta that sometimes it is more beneficial to refinance with your current lender. However, it is important that you have a good payment record on your current mortgage in order to be considered.