Questions regarding Refinancing part of BRRR strategy

[Renjason Patulot]

New RE investor here so I may be asking silly questions. 

1. Is the process for applying for refinancing different from applying for a mortgage to initially buy a property? Or are they pretty much the same and that they look at the same variables when approving an application? (e.g. credit score, annual income, credit-debt ratio) Is there such thing as a pre-approval for a refinancing? 
2. Once pre-approved, am I right to assume the amount does not change unless there is a change in my finances? (i.e. income, debt, credit score)
3. Can you refinance twice? For example, after refinancing you find a lender with better rate, does this happen and do people replace the original mortgage with a newer one?

I'm asking these because I'm thinking of buying property using short-term money, specifically hard money lenders for deals so I'm trying to look ahead into the refinancing part. I'm wary of entering a deal without being prepared to refinance.

[Daniel Kong]

1) For a conventional loan, Yes, its pretty much the same process - DTI, Credit Score, Reserves etc. The criteria changes SLIGHTLY for a refinance vs purchase but for all intents and purposes, yes its the same process.

2) Yes, if you are pre-approved, you should still qualify later on down the line. (Unless covid comes and lenders tighten their policies or the government adds an extra fee, etc)

3) Yes you can refinance twice. Just be aware that every time you refinance, you are paying around 5K in fees to the lender. (Maybe less, maybe more, depending) So just think to yourself if its worth it to pay that fee for the new lower rate. If it is, then go for it.