Refinancing your home is a complicated subject. You may be able to obtain lower mortgage payments, switch to a more stable monthly payment or, depending upon the type of refinancing your loan undergoes and when you undertake it, help fund other activities. That makes knowing why and when you should refinance your mortgage essential to ensuring that you accomplish what you want.
Try to Refinance Just Once
Regardless of when or why you refinance, it’s important to understand that your first refinance will almost always be the most beneficial one. Further refinancing past the first refinance will have diminishing returns and heightened costs, which means you should try to refinance just one time to ensure you gain as much as possible. Read the rest of this entry »