Consolidating first and second arm mortgages Enema chat room
There's no real "season" for refinancing, so there's no need to wait for any particular time of year to refinance. Most lenders are reluctant to consider an immediate refinance right after you took out a mortgage; they usually like to see that at least one year has passed. A more common concern is that some mortgages have that some mortgages have prepayment penalties if you refinance them or otherwise pay them off within 3-5 years.
That doesn't prevent you from refinancing but does increase the cost.
You can also buy a lower rate by paying for discount points.A more reliable way is to calculate your break-even point – that is, how long will it take your cumulative savings from a lower rate to exceed the fees you paid to refinance?If you can reach your break-even point in 3-4 years, you'll likely benefit from refinancing.Much longer than that and there's a good chance you may sell the home before you break even - people tend to move every five years or so.However, if you expect to remain in the home a long time, you could still come out ahead even if it takes you seven or eight years to reach your break-even point.
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A refinance mortgage rate calculator can be a useful tool here.