Question:

How does prior refinancing affect current refinancing?

Answer:

Prior refinancing has little or no effect directly over your current refinancing. If your lender is currently talking you into refinancing - too soon after your prior refinancing, there must be a good reason. If rates have dropped significantly, a new refinancing may be worth doing it.

Since refinancing often has big closing costs, you will have to calculate how your mortgage will be affected. In the long run, you should be saving from current refinancing if you choose to do so.

Do I have to wait X months/years before refinancing again?

There is no requirement that you have to wait after a prior refinancing. If you are currently refinancing with the same lender, the lender told you to do so, so they are waiving any seasoning restrictions the loan agreement may have provided for. If your current refinancing is with another lender, you may have to pay a prepayment penalty.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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