What is serial mortgage refinancing? Peggy and Andrew Sheren have refinanced their home mortgage four times in the last four years. Excessive? Probably. Will they ever recoup all the costs from refinancing? Probably not. When does mortgage refinancing make sense for the sensible homeowner? Check out this article on CNBC.com:
“If you look at how much can I save in my interest costs and how much will it cost me to do it, and how long will it take me to breakeven and recover those costs? Am I going to be living there that long? And if the answer is yes, it’s going to make sense to refinance”
Did you know that how good of a deal you’re getting on your mortgage refi depends not on getting the best refinance rates for your next home loan but how much you’re paying for the origination fee and closing costs? The reason fees are so important is that you’ll have to recoup these expenses before gaining any benefit from mortgage refinancing.
Serial mortgage refinance junkies like Andrew and Peggy Sheren are throwing their money away because they’ll never recoup the origination fees and closing costs incurred by refinancing their home every year.
Accepting unnecessary markup and junk fees on your mortgage refinance loan lengthens the amount of time it takes to recoup your expenses minimizing the benefit you’re gaining from today’s best refinance rates. You can learn more about getting the best mortgage refinance rates for your next home loan without unwanted markup or lender junk fees by checking out my free Underground Mortgage Refinancing Videos.