Can I refinance , if only have purchased the home 4 months ago?

Question

I'm looking to get a better interest rate, and wanted to know if I can refinance , after only purchased the home 4 months ago.

Answer 1

It depends on the lender. Some have seasoning requirements. Some have 6 months, some have 12 months. There are also lenders that don't require seasoning, but they are usually non-conforming and depending on your credit, 2 years previous rental or mortgage history, along with the 4 months mortgage history that you have with you're new mortgage, their rates might not be any better then the rate you have now. Call a few mortgage brokers and ask them if they have any lenders that will do a rate/term refinance with no seasoning requirements. Also, make sure that you don't have a pre-pay penalty with your cuurent mortgage. Sone lenders charge a huge pre-payment penalty.

Good Luck!

Answer 2

Two major things you want to look at: #1...Do you have a prepayment penalty. If you do you probably don't want to refinance until it is up because it can be very costly to buy out of it.

#2) How much in closing costs and points will it cost. You need to figure out how low of an interest rate you will be able to go to and how much the total costs will involve.

Here is a calculator which you can find on almost any mortgage website that helps you determine if you should or shouldn't refinance.

http://realestate.yahoo.com/loans/refinance.html;_ylt=Ak5YyoADRKxQ6vcZqO4Sfhzhj8kF

Good luck :)

Answer 3

You can always refinance once you have closed out of the last deal. We got refinance offers within a month of purchasing our home. Its just that closing costs can be in the thousands of dollars so homeowners like to wait a few years before they refinance a loan.

You probably save about 100 a month for every quarter percentage point decrease, depending on the size of the loan, so its always good to look into a better rate.

Answer 4

I merely closed on a streamlined refi, have been given a 2.seventy 5 on a 5/a million ARM. through fact it had in basic terms been 7 months, my advice may well be to refi given which you would be delicate making an identical fee you're making now. in case you refi and get the decrease fee and proceed making your modern money then you definately might scale back your thought that plenty speedier through fact any further monies over minimum is going to the assumption. or you incredibly won't shop something. i might ask on the subject of the ARM, staring on the cap, you're waiting to decrease the assumption sufficient that the adjustment won't matter.

Answer 5

Read your mortgage agreement. There may be a penalty for refinancing this early. If there is none, then better calculate if it is worth refinancing after all the transaction costs to finance your loan again. Sometimes a 0.5% lower rate could be costly if you will pay more points and processing fees in refinancing.

Answer 6

Like the first answer, look for a pre-payment penalty in your mortgage note. It can be a bit expensive to pay this penalty, it can be like 6 months worth of interest which would equal appx 6 months worth of payments. Good Luck KG

Answer 7

Do the math before you re-fi. There are fees involve.

Answer 8

i think so i refied though camberage funding in appleton wis. very awesome!!!!!! Chris was the agent!!