Can I refinance again after 3 months?

Answer

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It is possible to refinance most loans within three months, but in many cases it won’t make sense, even though you are paying a lower interest rate. That’s because you must again pay the closing costs on your home, and that eats up potential savings. If your mortgage includes a prepayment penalty, that’s another several thousand dollars you’re immediately out-of-pocket.

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Consider short term costs

You may have to finder another lender, as the initial time frame for refinancing varies according to company or bank policy. If that’s the case, you may need a new appraisal

If you have an FHA loan, you must make a minimum of six payments before you can refinance for another FHA loan, known as streamline refinancing. Consider the short-term costs versus the long-term benefits to decide whether refinancing makes sense for you.

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