How long do I have to wait to re-finance my condo?

Question

I just re-financed 4 months ago. I needed the funds and didn't check the fine print. I ended up with a mortgage payment increased by almost $400 and with less money in the end because they discoved a $5000 early payoff fee at the end of the deal. I know I was an idiot going for the quick fix. My credit is awful as well. I just want to decrease the payments. i have the GI bill-never used it.

Answer 1

Sugar (the poster above me) I would check into what you mortgage person told you. It sounds to me like you may be getting scammed. I recently stated working on a refi for someone I met on Yahoo who was told the same thing. Some chop shop broker house ripped her off and put her in a horrible loan. It has only been three months since her purchase and I am going to be able to save her $300 without any points or fees. Because the market moves so much (and a major election is coming which suggests rates will decrease to make the economy look better) I never put my clients in loans with prepayment penalties. Just something to think about. Hopefully this doesn't sound like an ad it is just honesty. Feel free to email me directly if you have any other questions or to run a scenario with me.

Answer 2

Better read the fine print this time. That will tell you you if you can finance immediately or have to wait.

I disagree with the previous poster saying re-financing is a quick fix, because it's not. In fact if the rate on a fixed rate mortgage drops just one percent, you are usually better off to re-finance. But it sounds like you really got screwed when you re-financed. I hope you've learned a lesson.

Answer 3

Sounds like you have to tough-it-out. Pay all your bills on time to improve your credit. Refinancing is just a quick fix.

Answer 4

You normally gotta wait at least 2yrs they tell U this at the closing at least at mine they told me.I can't wait cause I'll be doing that in jan lol