Is it worth it to refinance your mortgage?

Refinancing your mortgage is worth it if you’re planning to stay in your home for a long while. That’s when the lower interest rates you want to take advantage of really start to pay off! If you’re ready to refinance, get with the trusted home loan specialists at Churchill Mortgage. They’ll help you get a mortgage you won’t regret!

How often can you refinance your home loan?

You can refinance your mortgage as many times as it makes financial sense to do so. The only caveat is that you might have to wait six months from your most recent closing (whether it was a purchase or previous refinance) to do it again. Also, remember that refinancing includes closing costs.

Can you refinance with a government backed loan?

The rules are a little different if you have a government-backed mortgage, which includes FHA, VA, and USDA loans. With a government loan, you have the benefit of being able to use a streamline refinance. Streamline refinancing cuts down the time and paperwork associated with a refi so you can get a lower rate, faster.

Is it possible to sell your house after refinancing?

Selling your house after a mortgage refinance is possible, but there are some rules you should know about. Find out what clauses in your mortgage contract to look out for and whether selling after refinancing is a smart financial move.

When is it time to refinance your mortgage?

And you’re not adding enough time on the loan to really matter.” In other words, you’re not resetting your loan term by much if you’re just six or eight months into your mortgage. But if you’re much further into your loan—say five to 10 years—resetting to a new 30-year mortgage may not pay off.

How much does it cost to refinance a home loan?

Refinancing costs are similar to closing costs when you buy a house — about 2-5% of the loan amount on average. So if you refinance with a loan balance of $200,000, it would likely cost about $6,000-$10,000.