remortgage?

Question

how long do you have to have been living your home before you can remortgage and is remortgaging a good idea? does it take your monthly payments a lot higher and what are the costs roughly to remortgage?

Answer 1

as long as you have equity in your property there is no restriction for remorgaging

basically you would be taking out a comlete new morgage on your house & releasing whatever equity you have, usuallly the banks will give 60% of your equity value.

ofcourse your repayments will go up in accordance to how much you borrow..there will probably be a set up fee etc

Answer 2

I agree with Notre1Dame above, but the monthly repayment amount depends upon the length of your mortgage. For example. If your mortgage spans 10 years and you remortgage and decide to change the length to 25 years then your monthly repayments may actually reduce.

Answer 3

There is no specific time for living in you place before you can refinance. It becomes a question of break even. You should be saving money by refinancing, unless you are pulling equity out.

If you are refinancing for a lower interest rate you should be able to recoup the cost in 3 to 5 years. If it takes longer you shouldn't do it.

If you are pulling equity out, then it doesn't have a break even point. You should talk to a financial advisor before you start pulling money out. If you are going to pay off bills, such as a car, that means instead of paying your car off in 4 years, you are now spreading those costs over 30 years and it is costing you a ton of money.

Answer 4

You can refi the day after moving in. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.