- Refinancing too often usually isn't a good idea.
Know the Facts about Refinancing
Can Underwater Mortgage Holders Shop Rates?
The truth is that if your loan is owned by a large lender like Fannie Mae, many local lenders may be able to offer you the same program (in this case, it would be the government program HARP). Since many lenders offer this program you can, and should, shop around to find out what all your options are. Like all refinances today, however, being prepared is the best way to ensure that your refinance succeeds.
How Soon Can I Refinance?
With interest rates far lower than they were even 3 months ago (by about 0.5%) many homeowners are asking if it is possible to refinance again. Unless the recorder’s office is backed up, you should be able to refinance again without running into any unforeseen road blocks. I would advise, however, that refinancing too often is usually not a good idea.
Should I Borrow From my 401k to Pay Down My Mortgage?
I don’t like to recommend this option, even for those with a second mortgage looking to get a much lower rate. In certain circumstances it can be a financial advantage, but in most cases the return on the investment isn’t worth losing equity in your retirement savings. If you are thinking of using this or other types of savings to pay down your mortgage, you should consult a financial planner to make sure it is the best decision.
Loading more commentsSince you don't have facebook, please provide us with your location and a valid email address so we can answer it. Without a valid email address,we can't reply. (Go back to login with Facebook)
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
We get a lot of comments! To help us show our boss that this is a valuable service, so we can keep providing it, we ask you to do 2 things before commmenting:
Log in
Like us
Submit your comment!
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
Thank you for your comment. Your comment will be posted shortly.
No Comments