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How Often Can You Refinance?
Depending on your financial situation, refinancing your home can be a smart idea. But how often can you refinance, and is refinancing more than once smart?
There is generally no rule on how many times you can refinance. But that doesn’t mean you should get refinance happy. One reason to refinance is to snag lower interest rates. You can do this several times in a row if interest rates keep dropping. During the most recent refinancing boom, many homeowners refinanced their home loans two or three times within relatively short periods of time because interest rates kept treading downward, making it extremely attractive to trade in one loan for another.
Just remember that refinancing is basically like applying for a mortgage all over again.
Each time you refinance, you will still have to go through the application process, get a home appraisal, and likely incur closing costs. Also, if you have a pre-payment penalty clause in your present mortgage, you will have to pay that penalty if you refinance. So be certain that it is actually worth it for you to refinance.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
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