Question by Heather A: How long do you have to pay on an existing mortgage before you refinance for a lower interest rate?
I have not yet bought a home but I am curious what effects refinancing. Is it based on how much equity you have built?
Answer by EDDie
You should read your loan documents to find any clause that limit the time before you can refinance. The average is 2 – 3 years without penalty. You can still refinance before the 2 year period but you will incur penalties.
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