Unless you are getting a lower interest rate, refinancing your home may cost you more money in the long run and may require you to pay higher monthly payments.
If you do not plan on staying in the house very long, refinancing may not be in your best interests.
There is no such limit on the number of times you can go for home refinance loans. Most lenders prefer that you have no late payment for the past 12 months before you switch over to a new loan.
Don't rely on published rates. "No one's going to advertise their worst product," says Keith T. Gumbinger of HSH Associates, a Butler, NJ, firm that tracks mortgage rates. "They advertise the best possible rate, which probably gets offered to only the top 10 percent of applicants."
If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.
