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You can refinance as soon as a lender is willing to offer you a loan. The guidelines that lenders follow change almost daily. Most banks require seasoning of at least 12 months before you can refinance a mortgage. Here is more input: * I am a Realtor, and I have researched this question for several investor clients in the past few months. From what I've found, most mortgage plans won't allow you to refi for at least 12 months. Although, some will allow it as soon as six months down the road. This is to prevent investor types from financing homes, fixing them up and refinancing them for the new, higher, value in order to pay off the initial mortgage and cover all repair expenses with the refi amount. As a "standard" live-in, residential home, you suffer from the same laws in this case. The best way to prevent paying too high an interest rate is to solicit the services of several, competing mortgage brokers up front. If you get a "quote sheet" from the first lender you speak with, you can take that quote to other lenders and they will, almost every time, offer you a lower rate. They want you to believe the rate they quoted you is the best one available, but that's hardly ever the case. You must do your research and get them into competition with one another to get the best rate you can. * I work with sub-prime banks that will do a refinance even 1 day after funding. * As a footnote this is very important 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 in a case such as yours 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.
What else can I help you with?
How soon after closing on a mortgage can you refinance?
You can typically refinance a mortgage after waiting for at least six months to a year after closing on the original mortgage.
How soon can you refinance a mortgage after purchasing a home?
You can typically refinance a mortgage after purchasing a home once you have made at least six on-time payments on your current mortgage.
How soon can you refinance a mortgage after closing?
You can typically refinance a mortgage after closing within 6 months to a year, but it's important to check with your lender for specific guidelines and requirements.
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 soon can you refinance after purchasing a home?
You can typically refinance your home after purchasing it once you have made a few mortgage payments, usually around six months to a year.
How soon after closing on a mortgage can you refinance?
You can typically refinance a mortgage after waiting for at least six months to a year after closing on the original mortgage.
How soon can you refinance a mortgage after purchasing a home?
You can typically refinance a mortgage after purchasing a home once you have made at least six on-time payments on your current mortgage.
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 can you refinance a mortgage after closing?
You can typically refinance a mortgage after closing within 6 months to a year, but it's important to check with your lender for specific guidelines and requirements.
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 soon can you refinance after purchasing a home?
You can typically refinance your home after purchasing it once you have made a few mortgage payments, usually around six months to a year.
What is reverse mortgage refinance?
It is where you have a Mortgage and you have improved your credit you can refinance to lower you monthly bill.
When should one refinance their mortgage?
One could refinance their mortgage when the interest rate decreases. However, one must also think the amount they have to pay to refinance their mortgage.
How can you remove the cosigner from a mortgage?
You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.
What companies offer a no fee mortgage refinance?
There are many companies that claim to offer a no fee mortgage refinance. Such services are never free, it always costs something to refinance one's mortgage.
How can you refinance your home mortgage?
To refinance your home mortgage, you can go to a bank or credit union with the proper paperwork from your original mortgage and ask for refinance. There's usually fees involved, but if you need to, you can.
How can you refinance your home for a mortgage?
In order to refinance your home, you should look for a reputable mortgage broker. Work with the broker to find a good plan to refinance you home by looking at you current mortgage.
