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KC
Guest
0.10 Dollars($)
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Post subject: Timing of refinancing |
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| I have refinanced twice in the past 6 years of owning my home. The first time was to get a better rate with one mortgage company. The second was to get rid of that mortgage company and replace it with another who could do honest transactions. As the surrounding property taxes increase, so does my mortgage and I am considering refinancing again. I currently have a fixed rate loan. Could one refinance too often? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Hi KC,
One can refinance the mortgage provided he or she has equity in it. If you have equity in your property, then you should contact your lender and apply for a refinance. Apart from that, you should have a stable financial situation and required credit scores in order to get a loan.
Thanks |
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jimgilly
Community Expert
Joined: 28 Jan 2010
Posts: 145
Location: USA
36.21 Dollars($)
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First, property taxes have nothing to do with your mortgage. If you escrow property taxes and taxes go up, so will your monthly payments.
The main criteria regarding whether or not to refinance should be does it make financial sense and not the number of times you do it.
If it puts you in a better financial position or solves a financial problem then refinance. The key is to know how to determine if that will be the outcome.
To get a specific answer you would need to provide details on your current loan/property value plus any credit problems, credit scores and employment status.
Just saying if you have equity to contact your lender and apply for a refinance is bad advice that could end up costing you a considerable amount of money. Do your homework and compare what's available and what you qualify for before making a final decision. |
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