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About Christina Segreti
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HOBBIES/INTEREST
Specialties
- Sellers
- Buyers
- Residential Property
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FAQ
Answered Questions
Yes aEUR" a family member can contribute toward a temporary mortgage buydown, but it has to be handled correctly. Lenders treat it as a gift of funds, just like gift money for a down payment or closing costs. That means: The money must come from an eligible donor (a family member qualifies). Your lender will likely require a gift letter from the donor stating that it's a gift, not a loan to be repaid. The funds need to be transferred and documented in a way that satisfies underwriting. The buydown itself is typically paid at closing, so the gift money goes into that pool of funds rather than being paid directly to the bank outside of closing. Different loan programs (conventional, FHA, VA, etc.) have slightly different rules, so it's important to tell your lender upfront. They'll guide you on the exact paperwork and timing to keep it compliant. Bottom line: it's doable, and plenty of buyers use family help for things like this aEUR" but it needs to run through the lender's process so it doesn't raise any red flags during underwriting.
There's no hard limit on how often you can refinance a mortgage aEUR" in theory, you could do it multiple times. The main things to watch are lender rules, closing costs, and timing. Some lenders require you to wait 6 months after your last refinance (a " seasoning periodaEUR?), and every refinance comes with fees that can add up. A good way to decide is to run the numbers: how much will refinancing now save you each month versus how long it will take to break even on the closing costs? If rates drop further later, you can refinance again aEUR" but you'll pay those costs again, too. That's why many people will refinance when rates drop enough to justify the expense (rule of thumb: saving at least 0.5"1% in rate and planning to stay in the home long enough to recoup costs). So yes, you can refinance more than once, but the smartest move is to look at your break-even point now and weigh it against the likelihood of future rate drops.
