2007-07-13 23:30:36 · 8 answers · asked by matthew r 1 in Business & Finance ➔ Renting & Real Estate
At least a year, but you're gonna take a beating. It'll be like buying it the first time...closing cost, title search, appraisals, etc. All of which they'll roll into your new mortgage so you won't have to pay out of pocket. Which effectively makes you own MORE on your house than its actual market value if you were to sell it.
Refinancing and home equity loans are money making rackets for the mortgage and finance companies.
2007-07-13 23:41:42 · answer #1 · answered by jamaicabound191 3 · 0⤊ 1⤋
You are getting answers from a few real idiots above that don't know what they are talking about.
The answer to your question is that you can "try" to refinance one day after you close on your previous loan. HOWEVER
Some lenders will not refi you until you have had your existing loan for 6 to 12 months.
You may have a prepayment penalty which will cost you dearly.
It depends on your credit score, the value of the house, and the type of loan that you are looking for.
Whether it makes sense or not is a completely different story, but that wasn't your question.
2007-07-14 14:35:35 · answer #2 · answered by CommonCents 4 · 0⤊ 0⤋
You can refinance any time you choose to. There are no laws on such situations.
That being said, check your current mortgage for the potential of a pre-payment penalty, if you have not held it at least two years. A penalty may be hidden in the fine print somewhere.
If you are looking to refinance to 'take out equity', you may be surprised to discover that your home is now worth a bit less than you originally paid for it, and that you have NO equity.
If your purchase is fairly recent, such is a distinct possibility. Real estate values have fallen, and any appraiser hired by a mortgage lender to assess the value of your property for refinance will provide a statement of CURRENT value.
2007-07-14 09:25:42 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Must or should?
You must have closed on your house, then you can refinance.
Check your current mortgage contract to see if you have any pre-payment penalties that you should consider before you leap. Bear in mind you pay thousands of dollars in closing costs when you refinance, so be careful out there.
2007-07-14 21:03:26 · answer #4 · answered by godged 7 · 0⤊ 0⤋
There is no set time period but, most will agree on four or five years. You have to have some assets built up for your equity or it's just not worth it.
Some areas of high sales and quick raises in Rea; Estate will of course affect these things so, look into it first.
2007-07-14 06:40:46 · answer #5 · answered by cowboydoc 7 · 0⤊ 1⤋
i was told by a mortgage company you should wait untill you have been in the home at least 5 yrs . I hope that helps. good luck .
2007-07-14 06:38:42 · answer #6 · answered by Kate T. 7 · 0⤊ 1⤋
usually its best to wait a year, BUT there are many lenders that will do it one day after closing.
2007-07-14 07:43:52 · answer #7 · answered by WeLoan.Us 2 · 0⤊ 0⤋
There are no rules...pick a lender go for it!
2007-07-14 06:37:40 · answer #8 · answered by Anonymous · 0⤊ 1⤋