To answer this question, think about your goals. What are you trying to achieve?

• Do you want to take advantage of falling interest rates?
• Is your monthly mortgage payment putting a serious strain on your budget and you’d like it lowered?
• Do you want to build equity?

There are many reasons to refinance loans and if you have a specific goal in mind, it’s wise to consider it.

The fees will vary among lenders but there are some standard ones that you can expect, including:

• 3rd party fees (credit report, title, escrow, etc.)
• Appraisal fee
• Lender fees for processing and underwriting

You should also be prepared to pay prorated costs associated with property taxes, interest, and homeowners insurance.
If you have enough equity in your home, the fees and costs can be wrapped into your new loan.

Because you’re essentially applying for a new loan, you’ll need to provide many of the same documents you provided for your initial loan, such as pay stubs, bank account statements, and tax returns.

There’s no limit on how many times you can refinance your home.