How long must I wait to apply and qualify to refinance my new APR mortgage for a fixed rate?

Question

My credit score is 703, but I'm self employed and did a no docs, no down APR.

Answer 1

You can refinance as soon and as often as you want. Three things to consider however:

1. Most lenders will only refinance based on the sales price instead of the fair market value if you've owned it for less than twelve months.

2. You will incur closing costs again, adding another $3k to $5k to your principal balance unless you pay them out of pocket.

3. You may have a pre-payment penalty on your current mortgage which will also increase your new loan amount--usually by six months' interest or more.

Rick Lanicek
www.primelendingonline.com

Answer 2

You could refinance 1 day after it closed - but do you have a pre-payment pentality. If so, compute the best way to go. If you have a 2-3 percent pp, than are you saving enough to go with a fixed rate? What is your rate now? Can you come up with 2 years of taxes? These are factors to conider. Do you have enough equity in your home, to refinance. Or did you purchase it at 100 percent?

Talk with a Mortage Broker, Why??
A broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

Answer 3

There is no set time frame you have to wait to refinance. The time you have been in the residence will determine if the lender will allow you to use the appraised value or the purchase price. Also you may have a pre payment penalty so that will factor into the equation. I may be able to look into it for you but I will need some additional information in order to determine if you will qualify for a better program than you already have because of it being a no doc loan. you can contact me via email at [e-mail] or at my office [phone]

Thank You,
Curt

Answer 4

while paying for for a fixed fee, the fee quote you tend to be given by ability of the loan broking provider does no longer element in final expenditures. the fee quote you prefer to apply and get would be called the "APR". Banks will quote you a value based on the quantity of money you're borrowing and not what you're fairly receiving to your use. The APR takes each little thing under consideration and is the suited approach to study. case in point, we could say you're borrowing 100k. One financial employer fees you 7% fixed and the different fees you 6.seventy 5 fixed. the greater advantageous APR would be with the 7% loan via diminish final expenditures linked with the loan. If the 7% loan has 3500 final expenditures as against 5000 with the 6.seventy 5, the APR on the 7% could be decrease and you will no longer understand this by using ability of asking the broking provider for the financial employer fee. dodge a center guy broking provider if obtainable and bypass with a right away lender if obtainable. without taking into attention final expenditures, you're working blind. At final you will receive a Federal actuality in lending fact which many brokers don't understand and could inform you it fairly is just some loopy way the government figures interest. that's the interest on the money you're fairly getting as adversarial to what you're borrowing.

Answer 5

Hey there,

the last response is correct...Most lenders only lend to someone 12 months after purchase..

You are considered 12 months "seasoned"...

Some lenders though have NO SEASONING requirements..

I work with a bank calle Providential Bancorp... We are a specialized mortgage lender that is partnered with multiple investors so that we have programs to fit all borrowers..

What you need to do is have someone look at your credit, and give you an analisys so that you at least know what you qualify for...

I would be happy to assist you..

My name is Jason Fry, i am a licensed mortgage consultant.. Feel free to call me at 312-264-6448, or email me at [e-mail]

Look forward to assisting you!

Jason Fry
senior mortgage specialist
Providential Bancorp
312-264-6448

Answer 6

I could answer those questions online for you if your interested. I'll need a few more details (nothing personal or anything) and I could price out this scenario for you, and make a professional recomendation.

Antal
Surefast Mortgage

Follow this complete link:
http://gabbly.com/http://www.surefastmortgage.com/

Online Questions Answered for Free:

Mon-Fri 8:30-5:30

Answer 7

Contact some of your local mortgage brokers for good information.