How soon after purchase home can I refinance?

Question

I just bought my home on 7/27/06, But if I wanted to refinance with a different lender, how soon can I do so?

Answer 1

The answer is you can do so now. However, I assume your real question is "Can I refinance into a better rate/program"?

If you can answer "yes" to the following questions, the odds are better:
1. Have you made all your mortgage payments on time?
3. Have you made all other payments on time (for example, credit cards and auto loans)?
3. Are you only looking for a rate/term refinance (meaning, you do NOT want to take any cash out)?
4. Did you put any money down on the purchase?

As with all mortgages, your credit history, income/stability of employment, and loan to value ratio will determine what rates/programs you qualify for.

Sorry for not offering a more detailed answer, but it is impossible to give a solid answer without knowing more details. I am employed as a Sr. Mortgage Consultant and can be reached at [e-mail] if you have further questions.

Answer 2

You can refinance as soon as you like. I actually met a woman on Yahoo that I am in the process of refinancing even though she bought her 2 unit building about 60 days ago. She got ripped off by a chop shop broker house. If you think you got a bad deal it isn't a bad idea to have someone else look at it. Rates have dropped a bit since you got your loan but not enough so that you would notice a difference unless your place was 200k+ to refi based on that alone. For the woman I'm talking about I didn't charge her any points or fees only $399 to order the appraisal came out of her pocket on a loan with no money down. I ended up saving her like $243 a month on 2 fully amortizing loans. I don't say this as an advertisement for myself, just to let you know that there are options out there. And it never hurts to look around. If you have any more questions feel free to email me. I'm always willing to talk shop.

Answer 3

There are many banks that do not have a seasoning requirement for refinancing. And you are much better off refinancing than taking a Line of Credit as those rates are typically adjustable and much higher. It mostly depends on the terms you have on your existing mortgage though and what you would qualify for in a new refinance loan. If you can get an equal or lower rate on the refinance, it is definately in your best interest to do so. If the rate would be higher- then you are probably better off taking out a LOC. I can help you out with this and am licensed in 48 states if needed.

Answer 4

Interest rates have not changed much since July. Maybe 1/4 to 3/8 of a point lower on fixed rates. If you are going with an ARM, be very careful. Those low rates are "teaser" rates and will adjust upward anywhere from 3 to 6 months. It will also cost you a couple thousand to refinance, can you afford it?

Answer 5

2 years.

Answer 6

I did after a year

Answer 7

"why" is the question. "For a better rate" is the best answer. Do you have a 80% Loan To Value loan? If not it's best to wait till your equity reaches 80%, you get a much better deal.

Answer 8

To whom it may concern: My name is zac rose and im with Optimum Lending. It all depends on your situation and how you recieved your last loan. I am more than willing to help you with anything you need but i would need a little information from you. You can reach me by email at [e-mail] or by phone at 925-339-4514. I dont charge anything to help by the way. lol. Please contact me asoon as possible and i will help you the best i can. I look forward to hearing from you.

Zac Rose

Answer 9

2 years in UK