General Question

surlygirl's avatar

Is there a minimum amount of time between mortgage refinancing?

Asked by surlygirl (363points) January 25th, 2008

i refinanced my mortgage last year in november because i was at the end of my 5 year arm. now that rates are lower, can i refi again or do i have to wait a certain amount of time?

Observing members: 0 Composing members: 0

3 Answers

vanguardian's avatar

you should be able to refinance at anytime. Banks don’t mind because they collect the fees. Unless your financing has it in your agreement, you should be fine. Ask them about no points/no closing fees. If they don’t offer that, you can always shop other companies will wave those fees to get your business.

sndfreQ's avatar

Just be aware of that each re-fi will affect your credit rating slightly (a couple of points here/there), as part of the credit inquiry/reporting process.

ironhiway's avatar

Also make sure you don’t have an early pay off penalty in your current loan. And the rates are going to go lower at least over the next 6 months. The recent rate cut was so deep that it may take 6–9 months for the rate to get as low as it will go.

Answer this question




to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
Knowledge Networking @ Fluther