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Homeowners repeatedly refinance their property: Is it worth it?

It's no surprise that homeowners are doing everything they can to be budget conscious -- even if they are not particularly distressed. This is why many people have refinanced their real estate multiple times over the last few years. Though interest rates have dropped, and will likely remain low, South Carolina homeowners may be asking if repeated refinancing actually amounts to savings.

Homeowners tend to consider refinancing when they see a drop in interest rates between a half and whole point. For example, one couple saved approximately $150 monthly by refinancing twice over the course of four years. Even though homeowners are not saving as much as they did through refinancing in years past, saving a couple hundred dollars every month adds up over time.

According to mortgage data from Freddie Mac, 23 percent of homeowners who refinanced during the second quarter of this year reduced the balance on their loan by refinancing. Additionally, 59 percent maintained the same balance after completing the refinance transaction.

At a certain point, a person must ask themselves if the time and resources required to complete a refinance makes financial sense. In order to determine the value of refinancing, it may be helpful to determine how much can be saved and how long you intend to keep the property. Armed with this knowledge, you can explore available options and move forward with the wisest plan.

Certainly, any amount of savings could justify refinancing for the budget-minded homeowner in South Carolina, but the effort becomes more worthwhile if the terms of the transaction become more favorable for the homeowner. During the refinancing process, it is important to make sure the homeowner gets the best possible interest rate and loan terms. This is why it may be helpful to seek knowledgeable advice when considering refinancing your real estate.


  • Our firm is equipped to handle a variety of residential and commercial real estate matters, including refinancing. For more information, please check out our Charleston real estate refinance page.

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