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Already Refinanced? Do It Again!

by Craig Romero, Mortgage Analyst, www.wisemortgageinfo.com

Many homeowners are under the mistaken impression that if they have already refinanced their home, that is it, they can not do it again.

Wrong. Many people can, and do, refinance their homes a second time, sometimes more.

There is a definite increase in the trend of refinancing more than once among homeowners today. It only makes sense that if something saved you money once and can save you money again, you should take advantage of it; and homeowners across the nation seem to be catching on.

More and more people find themselves refinancing a second time. Some homeowners are even refinancing within a few short months of their first refinance process.

When should you refinance a second time? It’s a personal choice and depends on a number of factors, but a safe rule of thumb to follow is to refinance when you can save one to two percent, or more off your current mortgage rate by doing so.

It’s also important to note that when you refinance a second time, you will be able to deduct the points of the entire current loan off of your taxes.

When you're paying the loan off monthly over a period of years, the deductions for points must be taken gradually as well. By refinancing a second time, you get to deduct the points all at once.

The best way to make refinancing a second time affordable to you is to seek out no-cost refinancing options. By doing this, the only costs you will usually incur up front are the appraisal costs, and if you can use the appraisal from the first refinancing, you will save even more money.

The tax savings may even be enough to pay for the costs involved with the refinance. Of course you should consult with a tax advisor to determine exactly how these rules can benefit you.

So when does refinancing a second time not make sense? When there is a prepayment penalty, especially if you have already paid a prepayment penalty with the first refinance. Before refinancing, it is very important for homeowners to check if there is a prepayment penalty policy with their existing mortgage.

In today’s economy it is so important for consumers to save money and tighten the belt in any way they can, and if that means refinancing a second time, they should go for it.

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