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One of my favorite things about writing here on Couple Money is receiving email from you. 

Whether it's questions or stories, I love hearing your thoughts on finances.

Refinancing His Mortgage Three Times in Three Years

This week I received an email from a reader who has successfully refinanced their mortgage a few times, saving money and time as they've reduced their loan lengths as well.

I have actually refinanced my house 3 times in 3 years(sounds crazy, but each time the math worked out even with early payoff).

For my original mortgage I had a 30 yr, 5% with Citi. I decided to finance with Provident into a 4.25% for a 20 year loan.  Afterwards I did another refinance, this time the interest rate was 3.625% and it was for 15 years.

My most recent (and I am sure last refinance, I went again with Provident. I got a 15 year fixed rate mortgage with a 3% APR. In addition, Provident paid a portion of closing. I think we were out about $1,300 for closing.

So happy to hear that a reader has taken advantage of the low rates and has also slashed their mortgage loan from 30 years to 15 years!

Should You Refinance Now ?

Deciding on whether or not you should go ahead and refinance your current mortgage depends on numbers. Here are a few things to keep in mind:

  • Your Current Mortgage Interest Rate
  • Years Remaining on Your Current Mortgage
  • Interest Rate on Proposed Refinance Loan
  • Term on Proposed Refinance Loan
  • Estimated Closing Costs

Looking at all the costs can be a huge help in knowing what's the right call for you.

If you want to see what rate you can qualify, try lenders like Quicken Loans. They typically have competitive interest rates.

Thoughts on Refinancing Your Mortgage Right Now

I'd love to get your thoughts. How many of you have refinanced recently or thinking of refinancing soon?

Note: Some minor editing was done on the email to organize it to be blog post ready and keep certain details private. 

About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

2 comments add your comment

  1. I love the idea of refinancing as many times as you can as long as you’re saving money each step of the way. It’s often difficult to justify that many refinances and ultimately it comes down to how much your house was worth. IF somebody had a $100,000 house I’m not sure that refinancing that many times would have been worth it. …it’s possible of course, but I’d just have to look at the numbers. My wife and I will be refinancing our house next month on a 5/1 ARM amortized over 30 years.

  2. That is great that it worked out each time. I would love to have 15 year mortgage but the payments would be too high. I looked into refinancing again as well but rates would have to be in the 2’s to make it worth it to me now.