2006-10-05 07:59:51 · 8 answers · asked by momo 1 in Business & Finance ➔ Renting & Real Estate
i am assuming you got a great deal on your house of your bought maybe a foreclosure if you want to refinance so soon....you can do it as soon as the next day..there are lenders that do not have a seasoning of title issue..but you just can't do it for 12 months with the place you went through the first time..they have guidelines for "flipping" mortgage before 12 months...
2006-10-05 09:22:32 · answer #1 · answered by becca9892003 6 · 0⤊ 0⤋
You should try to build some equity in your home before you refinance (I agree with the at least a year) esp if it is long term. Also, when you go to refinance they will check your credit score and if it was just checked it my be frowned upon that you are trying to do it again. Call a mortgage broker, they can help you and give you the best possible solution (the advice is usually free).
2006-10-05 15:09:00 · answer #2 · answered by MVAC 3 · 0⤊ 0⤋
It depends on your contract. With most contracts it's ok to refinance the next day if you choose... note, you will often pay $2500 - $3500 to refinance, depending on the state you live in and the value of your home.
SOME contracts will charge a significant "pre-payment penalty fee," for example, $2000-$4000. You need to find out if this is the type of contract you currently have. This penalty fee will be in addition to the standard costs to refinance a home mortgage.
2006-10-05 15:09:16 · answer #3 · answered by MovetoLatinAmerica 3 · 0⤊ 0⤋
There is no time limit by law. However, assuming you didn't pay cash, your lender may have some restrictions. Does your mortgage have a pre-payment penalty? Are you hoping to refinance for more money than you owe? If so, there may be a "seasoning" period required, usually one year.
2006-10-05 15:05:11 · answer #4 · answered by larry r 3 · 0⤊ 0⤋
you can refinance right away. But its not always prudent as the closing costs will probalby make it not worth it.
Who knows though maybe if you shop around and youve been there a few months already. Things may be different now...though not likely for the better.
check it out : http://loans.savingslife.com
2006-10-06 11:15:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can do it the next day and there are programs for this. Most people wait for 6 months to 3-4 years on average.
Matt
http://www.diversifiedlender.com/
http://www.minnesota-mortgage-rates.net/
2006-10-05 15:53:29 · answer #6 · answered by Matt J 3 · 0⤊ 0⤋
you can refinance the home any time you want.
2006-10-06 02:38:57 · answer #7 · answered by bianca 4 · 0⤊ 0⤋
Usually 6 months is recommended.
2006-10-05 15:08:12 · answer #8 · answered by queenmackerel 5 · 0⤊ 0⤋