diff --git a/lib/dereference.js b/lib/dereference.js
index e8f541c5..8510d291 100644
--- a/lib/dereference.js
+++ b/lib/dereference.js
@@ -39,6 +39,9 @@ function crawl (obj, path, pathFromRoot, parents, $refs, options) {
     circular: false
   };
 
+  const isApplicable = typeof options.dereference.filter === "function"
+    ? options.dereference.filter : () => true;
+
   if (obj && typeof obj === "object") {
     parents.push(obj);
 
@@ -53,23 +56,25 @@ function crawl (obj, path, pathFromRoot, parents, $refs, options) {
         let keyPathFromRoot = Pointer.join(pathFromRoot, key);
         let value = obj[key];
         let circular = false;
+        dereferenced = false;
 
         if ($Ref.isAllowed$Ref(value, options)) {
           dereferenced = dereference$Ref(value, keyPath, keyPathFromRoot, parents, $refs, options);
-          circular = dereferenced.circular;
-          obj[key] = dereferenced.value;
         }
         else {
           if (parents.indexOf(value) === -1) {
             dereferenced = crawl(value, keyPath, keyPathFromRoot, parents, $refs, options);
-            circular = dereferenced.circular;
-            obj[key] = dereferenced.value;
           }
           else {
             circular = foundCircularReference(keyPath, $refs, options);
           }
         }
 
+        if (dereferenced !== false && (!dereferenced.value || isApplicable(dereferenced.value))) {
+          circular = dereferenced.circular;
+          obj[key] = dereferenced.value;
+        }
+
         // Set the "isCircular" flag if this or any other property is circular
         result.circular = result.circular || circular;
       }