would it make since to refi on property puerchased in Aug.?

Question

The problem is i found someone to the the refi but it would only save me 300. I have no pre-pay penalties and wont have any if i do refi. Also i dont have to pay a closing cost. Should i just wait for 6 months when my score would be higher to qualify for better rates or take the offer and refi again in 6 months

the 300 is monthly

Answer 1

Im in the same situation and i look at it like this 300 is better than nothing just make sure you are not locking yourself into something thats not worth it in the end.

Answer 2

Honestly, I would say to wait. The 300 is that over the whole life of the loan, or are you saying if you refinance you won't have to make one montly payment because everything is paid behind that you'll save a payment of 300. Either of those two ways I'd leave it alone. When you refinance you'll hurt your credit score again, and you have no idea what may come up where you'll need your credit score (need an emergency credit card, get in an accident and need a new car etc.) I sell real estate and I used to work with loans, and the best thing for the consumer is to leave it alone. In a while though if you the offer is still available then maybe reconsider, but if you just bought your house in August, it would be better to just leave well enough alone.

Answer 3

How are things so much better now as opposed to six months ago that you can save $300 a month? Something doesn't sound right. How are you not paying closing costs? Did they provide you a good faith estimate? So, you don't have to pay for anything to do this? No appraisal, no title work costs, no title company costs? I highly doubt someone will pay to do your loan.

How do you plan on bringing your credit score up in the next six months to improve your situation? Everytime you open a new account, especially one as large as a mortgage, your score drops.

If you can truly pay ZERO costs and save $300 a month, then it's a no-brainer. However, what your describing doesn't seem possible.

Answer 4

Save you $300 a month ? for how long ? Is this an ARM that will cost you $500 more a month when the rate resets or is the new loan a fixed rate / stable for the life of the loan ?
Unfortunately you left out the important facts about the loan so there is insufficient info to give advice.

Answer 5

i refi houses for a living and i would say that if you are saving $300 a month then that is awesome and sounds like something i would do

a couple things to make sure of is it a negitive amitorzation loan, intrest only, or an arm

if you have any further questions you can contact me at [e-mail]

Answer 6

I easily think of costs will fluctuate for here couple of weeks and then initiate a small stable march upward. you will possibly get hit for the investment belongings so i could anticipate a 6 3/8-6 a million/2 at minimum. in case you going to do it i could do it rapid. additionally, you prefer to get that heloc off of your credit and doing the refi will help in that way. verify which includes your interior reach lender first, many have streamline classes that would desire to make the refi technique pass smoother and swifter, yet definately save around. stable success

Answer 7

The numbers you give don't make sense, I would need more information to give you an educated response. But in general, there's not much sense in refinancing within 6 months.

Answer 8

300/month is substantial savings! Feel free to email me your good faith estimate and details of your current loan and i'll be happy to give you further thoughts on your specific situation.
[e-mail]

Answer 9

it would save you 300.00 a month?... i find it hard to believe that over the life of the loan that it would be only 300.00

Answer 10

NO it would not make SENSE either.