How hard is it to re-finance a home?
I recently bought a home at a high rate because of my credit. I have never missed a motgage payment over the last six months, and also I kept up on my car and credit card payments. Is it too early to try to refinance my home? and will I get a better rate so soon
Public Comments
- It's not necessarily too early--depends if you have a prepayment penalty or not. Also, depends on the loan-to-value (LTV). Many lenders will only use the sales price, not appraised value, to determine LTV if you've been on title less than 12 months. Refinancing is easy--as easy as purchasing because all the same paperwork is involved--except you probably have a copy of the previous survey so that will save you about $350 and you'll get a discount on the title insurance. Rick www.fairwaymortgagelending.com
- Its according how much credit card debt do you have? What is your monthly expenses? These are things they are going to look at and make sure your credit file is updated. Most people don't know that you can update your credit file yourself. You might want to use one of those on-line refinance or mortgage calculators to help you out. My own personal opinion its too early to refinance. Plus you don't have enough equity in the home yet that's always a plus.
