2007-01-31 05:06:08 · 6 answers · asked by ADRIAN45 1 in Business & Finance ➔ Credit
There is no restriction on how often you can refi, but generally you wouldnt want to refi one property more then once over a 6 month period as it doesnt really make sense.
2007-01-31 05:09:07 · answer #1 · answered by Scott K 2 · 0⤊ 0⤋
The restrictions are listed in the contract the last time you refinanced your home. Most times if interest is not 2% or more less than you are paying refinance is not for you. There is a fee that has to be paid to refinance, and every refinance leaves you deeper in debt.
Make sure that there is a future source of income that does not apply at the time, if you are going to refinance.
2007-01-31 05:13:36 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
You can refi whenver you want be the best thing to do is figure out what yuo need the refi for and take that out in one shot as the interest rates do go up. I think it is much smarter to refi your house then take out a loan as most people want to pay off their house and be mortgage free but think about it this way you are sitting on the most valuable thing you will ever own and to do a refi to buy a car or go on a holiday or pay off credit cards is must cheaper then getting a loan as the interest rate is much lower then a loan or a credit card.
2007-01-31 05:12:27 · answer #3 · answered by Anonymous · 0⤊ 1⤋
look on your contract. You may have an early payment penalty. Some states have them some dont. So check. By refi-ing, you could open up to thousands of $ in penalties.
Also, it would not make sense to do this often, as you have to pay all the fees over again each time & therefore, increasing your payment & principal amount.
2007-01-31 05:32:45 · answer #4 · answered by ricks 5 · 0⤊ 0⤋
For a while we were refinancing about once a year, we were cleaning up our credit and getting lower interest rates. Be careful, I don't think there's a limit on how many times you can refi, but beware that you pay fees and it will cost you several thousand each time you do.
2007-01-31 05:11:27 · answer #5 · answered by smartypants909 7 · 0⤊ 0⤋
As often as you can be approved for a new loan.
But you are kinda wasting money doing so. When you refinance you start over with almost all of your payment going towards interest instead of paying down the priciple.
2007-01-31 05:09:30 · answer #6 · answered by imbrue001 4 · 0⤊ 0⤋