Just closed on my refi with no problems. We jumped at a low rate, so it was somewhat out of the blue. Was a little concerned because I had heard it was wise to stop churning a good while before your loan app. I had just finished an app-o-rama of 5 cards two months prior, and wife had done one of 3 cards just a couple of weeks before the loan app. I had to explain each credit inquiry on our report, but I was upfront and honest. I wrote a 2-page document explaining which card was applied for each inquiry, how we always paid off the balance each month, and how our debt-to-credit utilization ratio was low. Underwriters gave me no further problems. Not sure if it helped that we were refinancing with the same bank and had always made our mortgage payments on time.