How Often Can You Refinance Your Home?
You can refinance your mortgage as often as you like. However, refinancing can be expensive. Just because you can always refinance your home doesn’t mean you should.
How much does it cost to refinance a mortgage?
Refinancing your mortgage can cost around 2 to 6% of your loan amount. This includes loan application fees, lending fees, home appraisal fees, and more, depending on the type of mortgage. For a refinancing loan with no closing costs, those fees will be included in the loan balance or interest rate.
When to refinance a mortgage?
The best time to refinance a mortgage is when the interest rates are lower than when you have locked your interest rate and closed your current mortgage. Refinancing at lower interest rates allows you to reduce your monthly payments. You can also refinance with a shorter term and pay more each month, but save interest during the term of the loan.
What are the mortgage refinancing rates today?
The available mortgage rates are constantly changing. For example, on December 3, the average of a 30-year refinance was 3.772%. That was a little less than the day before. Money publishes the latest average rates on a daily basis.