0
How soon can you refinance if you have an adjustable rate that went up in April?
Wiki User
∙ 17y ago
Presuming you have a prepayment clause (standard) and no uncommon mortgage terms specifying how long the loan must remain in place. You can refinance at any time after the loans was made. The day after...even the same day. When the rate adjusts has no relevancy/restrcitions except to the payment/balance due.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
Are refinance mortgage rates fixed or adjustable?
Yes they are fixed and adjustable, if you are expecting bigger income soon or selling the house in the next 5 years then adjustable is recommended, otherwise its much easier and simple to have a fixed rate.
How soon can you refinance an adjustable rate mortgage?
each one is different. There may a pre-pay penalty period. But, if your interest rate has risen rather high, maybe locking into a lower rate is worth paying the penalty.
How soon can you refinance an adjustable mortgage?
Generally mortgage can be refinanced but only if you are looking to reduce mortgage payments, as it can be done at lower interest rate. Actually if you want to make a multiple refinance then it will definitely reduce your overall financial profit. Penalty checking is the major factor in mortgage refinancing.
How does a mortgage refinance calculator work?
A mortgage refinance calculator takes a collection of user-inputted data such as mortgage value, yearly dues, interest rate, and more. From this, the calculator determines how soon the mortgage will be paid off.
How soon could you refinance after you purchase a car?
As long as your current loan shows on your credit and can be accessed by the refinance company, you can refinance anytime. There is no set time to refinance.
What is the current interest rate on refinance loans in the state of Texas?
for a thirty year fixed mortgage in Texas the refinance loan interest rate is currently 4.32% these rates change daily and if you want to take advantage of current low rates you need to consider doing a refinance soon. there are many other options as well and that may change interest rates and always keep in mind that rates can also change when a credit rating is done.
How soon after getting a bankruptcy discharged and getting an FHA refinance can you get another refinance?
You may refinance any time that the refinance improves your financial situation. If you are interested in a no obligation - free detailed analysis - of your situation, please contact me. I am an FHA specialist.
If you bought a house last year and it has decreased 15k in value and you need to refinance next year because your interest rate will no longer be fixed how can you refinance with no equity?
It is possible to refinance "out of equity" and take a loan that is more than the home is worth in certain cases. I don't recommend this option. If you were forced to sell your home because your job is relocating you, or you can no longer afford the payments, you are then in a very bad position. In order to sell you will have to come to the closing table with money. The first thing I would do is contact your current company and see if they have a fixed rate conversion option without doing a full refinance. Some lenders will charge you a fee to convert an adjustable rate to a fixed rate. If they want you to refinance, you are better off shopping around. Your current mortgage company will not give you any breaks to refinance. The other option is to have an appraisal done closer to the time the adjustment will happen. You may be able to get a more favorable value. ---------------------------------------------------------------------------------------------- If you are in a situation where you have no equity there are still a select lenders that are financing 100% of the appraised value. I personally have two lenders that will lend 115% to an "A" paper borrower. Having negative equity is never a great thing to have, but if your back is against the wall and you plan on staying in the property for the long term, this may be the only feasable option. Having negative equity negates the detrement of missing a mortgage payment and having a poor credit history. If you credit is healthy now, and you plan on staying in the property for the long term, refinance as soon as possible. If you need to relocate due to job displacement, maybe consider using the property as a rental rather than selling. Use the money you would have brought to the settlement table to knock off your principal and get a good tenant in the building. Selling without equity should not be an option unless your in dire straits. Also, Finding an FHA approved lender will greaten your chances of being able to refinance. The new FHA "secure" that was implemented by George W Bush was implemented(pending Jan 2008) for home owners with little equity and adjustable rate mortgages that will expire. In this current mortgage market FHA is the only way to go to get a low equity or ARM fixed at a competive interest rate. Even if you miss a payment after the loan adjusts this will not be counted as long as the payment history prior to the rate adjustment is a 0x30 rating (No lates in 12-24 months) FHA would be you best option if you need to refinance.
Can a husband refinance a house in California without his wife being involved in the payment of the loan but still stay on the title?
She will have to "quit-claim", come off the title of the home. An attorney will do this for you. But as soon as you refinance, she can be placed back on the title.
How soon can you refinance a home loan?
If you have equity in your home you can refinance at anytime.... Make sure your current home loan does not have a prepayment penalty. Next you would need to consult a mortgage lender: http://www.fixed-mortgagerate.com/mortgage_loan
How soon can you refinance a house after purchasing it?
You can refinance as soon as you would like to. Let's assume you are trying to refinance to lower your monthly payment. The variables you want to understand are 1) what is your current rate and payment?, 2) what would be the future rate and payment?, 3) what are the closing costs associated with the loan? and 4) how long will you plan on living there? Essentially, you are looking at a return on investment. The investment is the closing cost of the loan (points, fees, title search, etc.). The return on that investment will come to you in monthly installments in the form of a lower mortgage. What you want to do is understand what the reduction in your monthly payment will be. Then, get an understanding of your total closing costs. Divide your total closing costs by the net reduction in your monthly payment and this will tell you how many months it will take to breakeven on your refinance investment. Keep in mind, the above scenario is comparing "like kind" loans (30 yr. fixed vs. 30 yr. fixed).
What if you can't afford the balloon payment?
Lenders do not want you to default on your mortgage. As with any other mortgage, in the case of the balloon payment, your lender will try to work with you to refinance your mortgage into payments you can handle. If you can't refinance, you may be forced to sell the property (unless the bank does it for you) to cover the balloon payment. Most people will be able to refinance, the question is just how high their rate will be. You do not have to use the same lender that your first ballon mortgage was with. Many lenders have programs for people with less than perfect credit. The only problem is your rate will be high, so you want to refinance as soon as you have a decent credit score to get a lower rate. If your balloon payment is coming due and you can not qualify for a loan because you owe more than the home is worth then talk to your lender about a shortsale or deed-in-lieu. If neither of these are available and a workout just isn't possible, it may make more financial sense for you to just walk away from the property.
