Can you refinance again after refinancing a few months before?

Pablo
my aunt has a house in pennsylvania and she refinance her house in july. the whole refinance situation was really weird. at the end she ended up paying around $1, 100 dollars a month for mortgage but she had to pay $150 dollars every month for having a fixed rate. what is this fee? i know of other people that have refinance and they don't have this fee for having a fixed rate.well around 3 weeks ago she got a letter saying that her mortgage was going to go up from $1, 100 dollars to $1, 800 dollars because they were going to add her taxes.she says that what she is going to do now is refinance again so she could lower her payments. is this possible? i was under the impression that you could only refinance once in a certain period of time.thanks for all the responses ahead of time.

Ed
Technically you could refinance every other week until you ran out of equity. In reality your payment probably won't go down unless a few things have happened. A few ideas of things that would affect the loans available to her.1. She can document enough income to support the mortgage where before she wasn't able to.2. A drastic increase in her credit score.3. She's paid off a significant portion of the home (paid an extra 10% or more of the mortgage in addition to her payments)4. Or if the deal she got last time was really that terrible and that much outside of what she qualified for.I'd approach with caution, but odds are she won't get much better of a deal unless she chose a really bad mortgage last time.

Cherise
You can refi as often as you wish but just make sure your closing costs are as little as possible if they are adding them into your loan amount because your balance will keep going up. Also make sure you do not have a prepayment penalty And that extra 150 dollars every month might be mortgage insurance.

Emile
If she does not have any type of prepayment penality on her note she can refinance at any time. Check her loan documents she signed at the closing for all of the details.

Jayme
There is a break-even point on the fees and the difference between the new rate and the old. Just google the words "refinance calculators" and you will get a calculator. A loan officer could also help you figure out the break even point; how long you would have to keep the new mortgage to start getting ahead on the discounted rate.

Angie
You need to see if she has a prepayment penalty, if she does this could be very costly. I am not sure if the $150.00 is (PMI) Private Mortgage Insurance, PMI is what the lender requires you to pay if your loan to value is over 80%. Before she refinances she may want to talk to her tax person or a very good lender in your area. Her Tax person may be able to show her how to adjust her taxes to off set her payments. I hope this helps.