8 best mortgage refinancing companies of January 2022 | Personal finance

There is no limit to the number of times you can refinance your mortgage. However, refinancing can be costly. Just because you can always refinance your home doesn't mean you should do so.

Refinancing your mortgage can cost around 2% to 6% of your loan amount. This includes fees for the loan application, loan origination, home appraisal, and more, depending on the type of mortgage. With a no closing cost refinance loan these fees get rolled into the loan balance or interest rate.

The best time to refinance a mortgage is when interest rates are lower than when you locked in your rate and closed on your current mortgage. Refinancing when rates are lower will allow you to reduce your monthly payments. You may also refinance to a shorter term and pay more each month but save on interest over the life of the loan.

Available mortgage interest rates are constantly changing. On December 3, for example, the average for a 30-year refinance was 3.772%. That was a bit lower than the previous day. Money publishes the latest average rates each day.