When can I refinance? - Refinancing can be done anytime. However, special attention should be paid to your current loan terms, your ultimate goals with refinancing, any pre-payment penalty you may currently have, and the current interest rates that you would qualify for. Consult a mortgage professional immediately to find out if now is the best time for you to refinance.

Many people refinance when they are on adjustable rate mortgage right when the ARM loans are getting ready to make their first adjustment. Most people that refinance because their ARM loan is getting ready to increase in rate begin the process roughly 30 days before the adjustment date.

One of the best times to refinance is when you honestly feel that you may be at rik of missing a mortgage payment. By refinancing, you can get into a minimum payment loan which requires about half the monthly minimum payment as a conventional loan, and take 1, 2 or even 3 months off from making mortgage payments. Taking this opportunity to consolidate high interest credit card debt can double your savings and potentially boost your tax benefits.

 

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