Pronunciation /ËpÉËfÉªkt/. 1  1Having all the required or desirable elements, qualities, or characteristics; as good as it is possible to be. âlife certainly isn't perfect at the momentâ. 2  2attributive Absolute; complete (used for emphasis) âa perfect strangerâ. âall that Joseph said made perfect sense to meâ. 3  3Mathematics.
You can refinance the other person off the loan as long as you can show proof of 12 full months mortgage payments being made by you. The 12 months payments must have been made from an account that is not joint with the other borrower.
The general rule of thumb is that you don't refinance unless you can save at least a full percentage point off your current mortgage rate. But the real question is how long it will take for your savings from refinancing to exceed your closing costs. Suppose you owe $250,000 on a mortgage at 4.5 percent.