How long does a homeowner have to wait before they can refinance the home 6 months a year or does it matter?
2007-07-10 04:53:57 · 2 answers · asked by thecrew74 1 in Business & Finance ➔ Personal Finance
There is no guidelines, you might have to pay a prepay penalty to the bank that holds your loan now, but other than that, there is no problem with refinancing.
2007-07-10 05:44:01 · answer #1 · answered by marxistharpist 2 · 0⤊ 0⤋
There is no particular time frame involved; you could do so the next day. But it is almost certainly unwise to try to do so until a couple of years have elapsed: firstly, refinancing a place is costly -- the costs will run several thousand dollars, and unless you can get a significantly better deal on the re-fi than you already have, it is simply not worth the money. Secondly, it will take a while to build up some equity, so if you want to take money out, you won't be able to do so right away.
2007-07-10 12:11:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋