How long after you purchase a home, can you refinance your mortgage for?

Answer 1

There really is no “timeline” per se for how long you must wait to refinance after you have purchased your home. You can do it the week after your purchase closes if you want to.

Deciding on when to refinance depends on your unique situation, and the reasons why you want to. For example, if you are planning on staying in your home for 7 years or longer, and are looking for the security in a rate that will never increase, you should look into the 30-year fixed rate mortgage. I can tell you that 30-year fixed rates are currently very low. Today, you can lock in a 30-year fixed rate at 6.25% and not pay a single point! If you need a mortgage that offers flexibility, you should look into an interest-only loan. This type of loan allows you to pay the amount of interest for a certain period of time and you can pay as much towards the principal as you’d like to each month. So if you need more cash flow during a month due to unexpected medical bills or home improvements, you have the choice to make the interest-only payment.

But, to answer your question, you can refinance right away. Whether or not it will be beneficial is something I can't predict for you.

For more information about refinancing, check out the link I included.

Answer 2

Depends on the lender most want at least three months for a rate and term refinance. Which is basically just lowering your rate or product and no cash out. 6 months before you can take cash out. These are just some basics. A few lenders will allow you to take a second mortgage right after you make your first payment. Just depends but the three and six month rule is pretty standard.

Answer 3

As long as you can find a lender and pay the refinance costs, you can refinance every week if you want. It is not likely to be worth the trouble more often then every 2 or 3 years. If you are asking the longest loan term available, 40 years is the most I have seen.

Answer 4

I think you will not qualify for a good rate if you refinance within one year of purchase.

Answer 5

It's extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this natureenter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.

Answer 6

Michael is suitable on the subject of the 203K FHA- as long as you would be residing in the residing house. that isn't for investment sources. maximum different sort loans make you utilize the lesser of the revenues cost or appraised cost on your cost in the process the 1st 3 hundred and sixty 5 days you very own the residing house. So in case you pay 100k & sources is nicely worth $200k after maintenance you nonetheless would desire to apply the $100k as cost till you have owned it for a three hundred and sixty 5 days.

Answer 7

Probably immediately assuming your original mortgage doesn’t have a prepayment penalty and that the original loan didn’t take your credit down too far.

Answer 8

usually one year call mortgage company & ask

Answer 9

six months minimum on an owner occupied home

Answer 10

Immediately. But it may not be a smart move.