How Often Can You Refinance Your Home?

Can you get too much of a good thing?

So you’ve decided to refinance the first time or for a couple of times, but has it ever crossed your mind on how often can you refinance your mortgage? If yes, we’re glad to tell you that there’s no limitation on how many times you can refinance your home. You can freely refinance as often as you wish, but remember to apply for so long as it makes sense to do so financially.

Home refinancing is a loan option where you can pay off your existing loan with a new one. Many people are turning to this option since it has a lot of perks with it like lower interest rates compared to your primary mortgage. Plus if you planned and calculated it right, you can have significant savings.

Refinancing is a big help for borrowers who want to get a better interest rate, change the loan term, home improvement, pay off credit cards, and more reasons.

Even if refinancing a mortgage can be done a lot of times, there are still some factors you should consider that will determine that it’s a wise move to refinance again.

According to TD Bank in New York’s regional mortgage sales manager, a homeowner can apply for refinancing as often as they would like. However, a homeowner must be responsible and establish objectives. You must also find a term that meets your unique financial situation.

The decision to refinance depends on your financial situation as well as your ability to make a firm choice when evaluating them. Also, it can help to stay in regular communication with your preferred lender. Checking in every six months can be worth the effort, as interest rates are always in flux and underwriting is slowly beginning to loosen.