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If you just bought a house a month ago how soon can you refinance for a lower payment mortgage?
Wiki User
∙ 8y ago
Most banks require seasoning of atleast 12 months before you can refinance a mortgage. Though I work with banks that will do a refinance even 1 day after funding.
As a footnote most states have what's called 3 days of rescission. Your broker is supposed to explain this to you. Basically you are allowed to rescind on the loan up to 3 business days after closing. This is to protect the borrower who may sign under duress. Many lenders and brokers pull what is known as a bait and switch. They promise you a low rate and then at the closing table the rate is considerably higher and many people sign because they have invested so much time or they are pressured into it. So they do have the right to rescind even after closing.
I am a mortgage lender and broker. Some lenders do not require that you own your home for a certain period of time before refinancing; enabling you to refinance whenever you like.
Wiki User
∙ 8y ago
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What does the average American mortgage payment?
the average mortgage payment is around $1400.00 a month. believe it or not when i bought my house in 1972 my mortgage was $143.75 a month
What do you have to do to refinance your mortgage?
You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.
How long after buying a house can you refinance it?
Considerations would include the type of refinancing that you want, whether you have a pre-payment penalty on the current mortgage, and the rules of the new mortgage lender. Theoretically you can refinance any time after you close purchase on the first loan.
How can a person get a refinance mortgage?
An individual can get a refinance mortgage on their house by applying from one. Not everyone would be accepted though because their are some qualifications.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
What does the average American mortgage payment?
the average mortgage payment is around $1400.00 a month. believe it or not when i bought my house in 1972 my mortgage was $143.75 a month
What do you have to do to refinance your mortgage?
You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.
How long after buying a house can you refinance it?
Considerations would include the type of refinancing that you want, whether you have a pre-payment penalty on the current mortgage, and the rules of the new mortgage lender. Theoretically you can refinance any time after you close purchase on the first loan.
How can a person get a refinance mortgage?
An individual can get a refinance mortgage on their house by applying from one. Not everyone would be accepted though because their are some qualifications.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
How does one know when it is time to refinance their house mortgage?
The best time to refinance your home's mortgage is when you believe that you have paid enough on your current mortgage to try to haggle for a lower rate. Usually several years.
Can you refinance mortgage if you do not live in a house?
I dont think a bank would finance ANYone that didnt have a house , its hard to make the mortgage when your homeless
If you refinance the house after a year can you take the cosigner off the mortgage loan?
Yes.
If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
What is a monthly payment called?
Amonthley payment on a house is called a "Mortgage"
You live in RI your wife has been cheating on you since 2001 She bought this house presuming everything will be ok How do you divorce her and get the house or leave free from house mortgage?
The best you could do would be to try to require her to refinance the house as part of the divorce agreement. Then your name will not be on the mortgage. You will need to sign a quit claim as part of the process.
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
