If there are only a few years left on your current loan, it's no use refinancing with a long term loan. You may need extra cash but with a long term loan, you'll end up paying more for the entire loan term.
Ask the lender or broker for a comparison of the up-front costs, principal, rate, and payments with and without this rate trade-off.
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.
Almost 30 million Americans qualify for a VA Loan. With a VA Loan, you can qualify for a VA Streamline Refinance. You may also be able to refinance your home with an FHA Streamline refinance.
When it comes to lowering your rates you will need to weight the benefits of having a lower rate vs. paying points up front. You may end up paying a lot more depending on your choice and how long you plan on keeping your mortgage.
