Many homeowners find that for one reason or another that they need mortgage refinancing again shortly after closing on a new home loan. How soon is too soon when it comes to refinancing your mortgage loan and when do prepayment penalties become a problem? Here’s an article on MortgageLoan.com with more on refinancing after closing on a new home loan:
How soon can you refinance your mortgage again if you’ve already done it recently? With interest rates in a free-fall and setting new records, it’s a highly relevant question. The answer is, there’s really no limit, at least under the law. The more relevant question is, how long *should* you wait before refinancing again? And how soon will your lender allow you to get out of your current mortgage?
Fees will make or break your home loan. The more you pay taking out a new mortgage the longer it’s going to take to recoup your closing costs before benefiting from your new mortgage rate. You can break even recouping your out-of-pocket expenses much faster by avoiding lender junk fees. What fees are junk? Keep an eye out for anything resembling a rate lock fee, broker courier fee, application fee, or loan-processing fee.
You can learn more about getting today’s best refinance rates without paying unnecessary lender fees by checking out my free Underground Mortgage Videos.