Ready to Refinance Again?
As mortgage rates continue to drop, you might be wondering if you can refinance again and get an even better rate! #REFINANCE
Refinancing again may be worth exploring. However, there are costs involved. You will need to determine whether there is an early payoff penalty or if there is a waiting period before you can refi again.
Here are a few considerations…
How much can you save by refinancing again?
According to research by mortgage data firm Black Knight, nearly 18 million U.S. homeowners could save an average $287 a month or $3,444 a year, by refinancing.
Will you break even?
Determine whether a refi makes financial sense. Get a few rate quotes along with estimates of closing costs.
Is it too soon?
If you have a conventional loan, you may be able to refinance right after closing on your most recent home loan. Some lenders have waiting periods of six month to two years. You will also need to determine if there’s a prepayment penalty.
If you have any additional questions, please call Vanmar Lending.