If i just refinanced my house last year is it a bad idea to do it again this year?

Dawne
Also, what about these companies who offer lending 125% more of your mortgage balance? New Day Financial does this. Is there any catch? I'm trying to borrow and extra $30, 000 which is why I'm looking at refinancing.

Edna
Well... It all depends on why you are refinancing.If you are trying to pay down credit card debt, don't do it. Pay off the credit card debt by saving up. Also, don't do the 125% mortgage. They are ridiculous. Why would you want to be upside down in your house? (Owe more then it is worth) What if you cannot afford the payments anymore and you have to sell it quick.. you will have to come up with the difference, or be foreclosed on. (Foreclosure isn't the best thing for your credit health). Plus, your goal is to at least be at a 80% Loan to Value. So, your loan is LESS then the worth of your house. That way, you can pay a lot less for the borrowed money.Good Luck.

Junko
Its not a good idea to keep refinancing your house, however the simple truth is that if you have other debt at a higher interest rate and you need some cash then I would refinace and pay off the higher interest debt. Then you need to look at how and why you got into debt and try to change your spending ways so it does not hapin again. Its not a good idea to pay for a pair of jeans or a new shirt over 30 years if you know what I mean.Try going to https://www.suzeorman.com