You took the leap and bought a home. A few years later you refinanced your mortgage but after several months, rates dropped even lower than you expected. Should you refinance again? Can you refinance again? How many times can you refinance my home loan?
Technically, you can refinance as often as you want, but many lenders like to see a specific period of time between refinances. Although you can refinance as often as you want, it might not be the right thing to do. As your situation may be different than your next door neighbor, let your mortgage advisor guide you through the process. If you are ready to start crunching the numbers again, use our free online rate quote calculator to review your possibilities.
Know your goal for refinancing. A refinance can offer a lower monthly payment, can shorten your payment period, consolidate your debt, lower your interest rate or even allow you to take cash out on your home’s equity.
A refinance is beneficial when you will be saving more than you will be spending. Remember that there are closing costs when it comes to refinances. Of course, you need to take into consideration other aspects, like how long it will take you to save and how long you will be in your house. How will this affect the length of your loan? What about your payment amount?
There is really no way to know what the future holds, so if you think you would like to refinance, contact your mortgage advisor. The market is a bit unpredictable, so it’s hard to really know what mortgage rates will do, but our team of experts has estimated that rates should continue to stay fairly low. Even though rates might change, don’t feel like you need to refinance right this second. Rates fluctuate, and you don’t want to rush into something if you aren’t 100% certain.
Refinancing can take some patience and organization. It might be time to do some research on your options! Let your advisor help you along the way, contact us or get a free rate quote online!