when can you refinance?

Answer 1

Most bank or lenders require 12 months, if you want to use your new appraised value. You will have to pay closing costs all over again. If you have been in your home less than 12 months you will have to come to the closing with cash to close. Make sure you weigh out your options before you commit to a new loan.

Answer 2

There really is no specific required time between refinancing. However, there are a few things to consider. First, you may have a pre-payment penalty on your current loan which can increase your payoff beyond your balance. Second, depending on where you live, it may take months (or where I live, over a year) for your most recent mortgage to be recorded with the county where you live. While it is not actually necessary to wait for that to happen, it may lengthen the process of refinancing while your new lender tracks down all of the previous loan documents.

Ultimately, you should always refinance IF there is a tangible benefit. For instance, if you have some non tax deductible debt to pay off (credit cards, personal loans, etc.) rolling those into your loan can significantly reduce your monthly payments AND give you a bigger tax deduction. If you can shorten your term at a similar or smaller payment, that will significantly reduce your total repayment of your loan. These are only a few examples of reasons why it would make sense, and depending on your situation, there may be more.

Please feel free to contact me if you would like more information. Ive been in the mortgage industry for years and I would be more than happy to share some of that experience with you, free of obligations.

Answer 3

I probably don't understand the question. My answer is wheneverr you want to. You would obviously want a lower interest rate and low costs. You can figure out how long it will take for the refi to make sense by taking the cost of the refi - points, etc. - and deducting the difference in the new payments. In other words, if it will cost you $2000.00 to refi, and your payments go down by 100.00 per month then it will take 20 months before you will start seeing a gain from the refi. Also, interest rates - at least in the US - have gone up in the last 8 months. They are still very affordable when compared with historic rates, but if you financed in the last 4 years or so it is unlikely that you will get a better rate unless you originally got a subprime loan and your credit or income situation has improved a lot. Good luck!