How long after purchasing a home must I wait before I can reconsolidate?

Question

If I cannot consolidate my debt at closing, at what point can I reconsolidate my mortgage?

Answer 1

I think it's time you take a class in mortgages and in debt management.

It sounds like you are taking a wrong look at debt consolidation, and it may time to really look into a class. Most are free--look in your local paper on Sundays in the real estate section.

Answer 2

Look at the prepayment penalty wording on your closing docs. That will tell you how long you have to wait to refinance without paying a penalty. If you have enough equity in your property, you can get either a Home Equity loan or a Home Equity line of credit (HELOC) at any time after you close and the property has been transferred to your name. You will just have 2 payments, one for your mortgage and one of the Home Equity facility that you choose. I would recommend getting a HELOC, though, because most banks don't charge closing costs and you have a lot of flexibility with it. If you were to refinance the whole mortgage, you would have to pay closing costs again.

Answer 3

With the prevailing low interest rates, you can increase your disposable income by choosing a better refinancing deal. For example, if you refinance the remaining $250,000 on your 30-year fixed rate loan with a 7.5% interest rate by means of a good mortgage quote rate refinance, you will possibly diminish your monthly payments by almost 30%. Just imagine how much savings you can make each year if you cut your monthly mortgage payment from $3,500 to just $2,450. That’s more than $1,000 savings each month and $12,000 at your disposal each year! Think about all the things you could do when you obtain all these savings.

Refinancing can indeed be a great idea if you owned your home for many years. You could easily get a better deal when you seek mortgage quote rate refinance in banks near you. Plus, you could do much with the savings you will make. It’s just about time that you think of doing something to make your child’s dream of going to college come true. Or you could even buy yourself a new car so that your boy could drive your old one and impress more girls in the process. Definitely, the financial freedom that a good deal in refinancing your old loans is priceless

Answer 4

Depends on you mortgage prepayment penalties, how much did you finance (if 100% you are out of luck house is more likely worth less now then when you purchased it) Did you go ARM? another downside. If you have any equity in your home do not repeat do not refinance and use it all up, you will be sorry in the long run, well if ARM the short run

Answer 5

It depends on the terms of your mortgage, but the common standard in the US is 2 years from your closing date.

Answer 6

Most mortgages allow you to refinance after 1 year, you might be eligible for a HELOC after your purchase.

Answer 7

You can do it immediately but most lenders will use the purchase price for your appraised value. Their are some which will use others, but generally you should wait at least 6 months.

Answer 8

i think its two years