How many times can a person re-finance their home and get cash back?

Public Comments

1. It depends on who financed your mortgage. Some companies have a pre-payment penalty meaning that if you pay off your loan before the term they will charge you a fee. Sometime it depends on how long you've had it. Normally you can every 3 years or so but if its been more than that, I would recommend on re-financing. What is your current rate on your home? How much money are you trying to borrow?
2. A pre-payment penalty really does not matter. Nothing matters except for the fact that if there is enough equity in your home, then you can continue to refi. Whether it is a smart idea financially, that should be the question. This is not recommended, unless the cash you are recieving back from the refi is going into accounts which have interest rates that are going to give you a good enough return and heavily outweigh the interest in which you are paying to the bank. Or, if you are going to invest the money into another peice of real estate. Other than that, I would highly recommend against this practice.