http://www.lowpaymentnow.com/home-mortgage-refinance/
How often can someone refinance a Home Mortgage?
Lets say in a 3 year period? I know I have enough equity in the home and just wondered if someone knew. Thanks!
The main reason for my question is I refinanced last year. My mortgage was then purchased by another lender and the new lender is THE WORST in service. I want to get away from them but was not sure how. I could not stop my loan from being bot/sold but wish I could have.
You can refinance as often as you want – you just have to pay the closing costs every time.
However!
The vast majority of banks will sell the loan again on the secondary market. Therefore, if you refinance, the institution you are trying to get away from may very well become the new owner of the loan again and there would be nothing you could do to stop it!
When a bank does a loan – they are careful about it how it is set up so that it can sell or be “salable”. An “unsalable” loan is a big no-no for a bank – they don’t want to put out all that money to the individual lender – they just don’t have it! Banks want to make their cut on the loan and hand it off to one of the big banks in the country that CAN shell out all the necessary capital to a consumer.
Their are some banks that don’t resell Loans. Very few though. You could find one of them and see if they would offer you a better deal.
Another thing – your loan might be sold again on the secondary market – so maybe it won’t be so bad in the future?
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