How far into a mortgage does one refinance

Typically, it makes sense after five years minimum.
However if you have a financial need, it might still makes sense to refinance for you to take some cash out. There are origination fees and some other processing and appraisal cost. It is a situation where you need to look at your 'opportunity cost': what are your options and how do they compare to refinancing you house.

Hi Matt,

Refinancing is a personal decision for each home owner and takes into account a variety of variables including: current interest rate, amount of equity in the property and the ability of the borrower to qualify for a refinance (based on credit, income, debts, assets, etc.).

I would highly recommend reaching out to a lender to discuss your particular situation and that way he/she can advise if a refi is right for you guys!

Here are a few lenders that I highly recommend:

Rich Sproba | Sales Manager/RMLO, Retail Lending | NMLS#216924
CMG Financial | Corporate NMLS# 1820
Office: 832.592.2522
Mobile: 713.582.5262
Email: rsproba@cmgfi.com

Clayton A. Gray
Team Lead/Sr. Loan Officer
UHM NMLS #2229 LO NMLS #298840
c: 832.748.7283
e: claytongray1@gmail.com

Bruce Becker
Sr. Loan Officer
SWBC Mortgage Corporation
NMLS# 223137
(832) 381-2226 - Direct
(832) 465-3222 - Mobile

Let me know if I can be of any further assistance!

Darby Grimmett / KW / darby@darbygrimmett.com / 936-827-9217

Refinancing your home is a personal and financial decision. The timing of when to refinance really does not have to do so much with how long you have been in your current mortgage, but what makes financial sense for you and your family. Typically if your current mortgage is 4.5% and current rates are 3.5% (purely hypothetical) - it could make sense to refinance. If the difference is only marginal it may not be worth it. Be aware that refinancing does include closing costs. Many lenders can roll most of these costs into your new loan, but you would also need to have adequate equity to roll those costs in. To find out if it makes financial sense for you, or if its even possible, I would check with your current mortgage lender to have them run some numbers. They are your best source for information - you can always check with other lenders to compare after that. Your family has a lot of dynamics going on and you definitely want to have all the information you can to make the correct decision for you.