Scott Moize Jr.

First United Mortgage Group

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You Ask, We Answer: How Often Should I Refinance the Mortgage on My House?

April 15, 2015 by Scott Moize Jr.

You Ask, We Answer: How Often Should I Refinance the Mortgage on My House? Refinancing a home mortgage can provide you with an incredible range of benefits. These include everything from reducing your mortgage term and lowering your payments to helping you more effectively build equity or pulling equity out to use for beneficial purposes.

One common question that many homeowners ask is how often a mortgage should be refinanced. While there are benefits associated with mortgage refinancing, there are also some points to consider before you rush into the process.

Think About Refinancing Costs

First, remember that each mortgage application will come with refinancing costs. These costs can equate to thousands of dollars in some cases, and they include title fees, lender fees, appraisal fees and more. While these costs can typically be rolled into your home mortgage so that you pay very little money out of pocket, these costs will increase the amount of debt that is tied to your home. When you refinance too often, you are negating the effects of principal reduction from your mortgage payments.

Consider the Impact On Home Equity

Some who refinance will choose a straight rate and term refinance, and they will not pull equity out of their home. Others, however, have the desire to tap into their home equity to pay off other debts, to fix up the house, to take a vacation or for other purposes. When you tap into your home equity, you may be having a negative impact on your financial situation, depending on how you use the funds.

Pay Attention To Your Final Loan Payoff Date

Before you make a decision to refinance your home mortgage, you also should focus on your loan payoff date. Many have the goal in mind of paying off their home mortgage before they retire, and this is especially true if you plan to live in the home after retirement. On the other hand, you may have plans to sell the home and downsize before retiring. Your refinance will adjust your loan payoff date, so this is an important factor to weigh into your decision making process.

You may know people who refinance every year, and you may know others who have owned their home for a decade or longer without ever having refinanced. Each homeowner has a unique financial situation. You can speak with a mortgage professional to learn more about the specific benefits associated with a refinance loan, and you may also keep these points in mind to assist with your final decision.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage Refinancing, Mortgages

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NMLS #595311
Servicing Texas
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Consumer Compliant & Recovery Fund Notice

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

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Scott Moize - NMLS# 595311
First United Mortgage Group
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