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How often can I refinance?
How often can I refinance? I want to refinance now, but I'm wondering if mortgage rates will go down more and should I wait?? Or can I refinance now and then again when the rates drop?
Asked By Ivan | Raleigh, NC | 197 views | Home Loans | 3 days ago
Answer(2)
Jason Craig
Coldwell Banker
Hi Ivan,
There’s actually no hard limit on how often you can refinance—it mostly comes down to whether the new loan makes financial sense after you factor in closing costs and fees. Some lenders have a “seasoning” period (usually 6 months) before they’ll let you refinance again, but otherwise you can refinance whenever it benefits you.
If rates drop in the future, you could absolutely refinance again. The key is to run the numbers each time: look at how much your payment drops, how long it would take to break even on the costs, and how long you plan to stay in the home.
A good local lender or mortgage broker in Raleigh can help you model different scenarios so you’ll know whether refinancing now or waiting makes the most sense for you.
There’s actually no hard limit on how often you can refinance—it mostly comes down to whether the new loan makes financial sense after you factor in closing costs and fees. Some lenders have a “seasoning” period (usually 6 months) before they’ll let you refinance again, but otherwise you can refinance whenever it benefits you.
If rates drop in the future, you could absolutely refinance again. The key is to run the numbers each time: look at how much your payment drops, how long it would take to break even on the costs, and how long you plan to stay in the home.
A good local lender or mortgage broker in Raleigh can help you model different scenarios so you’ll know whether refinancing now or waiting makes the most sense for you.
- 19 hours ago
Helpful (1)
Unhelpful (0)
Michael Miceli
Real Broker NY LLC
You can refinance as many times as you want. There isn’t a strict limit, but each refinance comes with costs like closing fees and an appraisal. That means it only makes sense if the savings are greater than what you pay to do it.
Most people wait until rates drop by at least half a percent to a full percent before refinancing. If you refinance now and rates drop again, you can refinance again, but you’ll be paying those costs twice.
The best way to decide is to partner with a good lender and run the numbers: look at how much your monthly payment would go down, how long it would take to cover the costs, and whether waiting could save you more.
Most people wait until rates drop by at least half a percent to a full percent before refinancing. If you refinance now and rates drop again, you can refinance again, but you’ll be paying those costs twice.
The best way to decide is to partner with a good lender and run the numbers: look at how much your monthly payment would go down, how long it would take to cover the costs, and whether waiting could save you more.
- 3 days ago
- Helpful (1)
- Unhelpful (0)
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