How long after buying a home can you refinance?
Written By: admin on May 29, 2009
2 Comments
My husband I just bought home in July 2008 for 87k. Our interest rate is at 6.25. With the mortgage rates falling because of the economy, we want to refinance to pay off some bills and to get a lower rate. We are first time home buyers and have a fixed 30 year FHA loan. Do we have to wait one whole year to finance or can we do it now?
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Tags: economy, FHA loan, first time home, first time home buyers, interest rate, mortgage rates, Refinance, time home buyersTags: economy, FHA loan, first time home, first time home buyers, interest rate, mortgage rates, time home buyers
Smart go. It depends on the fine print of your current loan. Does it have prepayment penalties or any other hideous clauses? I suggest you simply call your current lender and tell them you are thinking of doing and see what they say. They may even give you a break on document fees and closing costs to stay with them, although it may not matter with FHA.
I just built a new home, closed in Sept for 6.34% and refinanced with a different lender for 4.75% in April. Tip – you can fold the closing costs and doic fees into the new loan if you don't want to lay out the cash. Your monthly payment will still be much lower.
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