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While you can legally refinance at any time, there may be some costly consequences to this decision. When considering refinancing, the more relevant question is how long "should" you wait before refinancing again.Only a few lenders are likely to approve refinancing if you have been in your current mortgage for less than a year.
Refinancing puts you in a new loan. While it is possible to refinance a 30-year loan into a 15-year loan, shortening the term, most refinances go from a 30-year term to a new 30-year term.
Today, the maximum prepayment penalty period is 3 years. So, if you do have a prepayment clause on your mortgage, at the most, you have to wait 3 years to sell the home. If you chose to sell the home before then, you may be subjected to a fee. The amount of the fee varies by lender.
One mortgage payment that was less than 30 days late in the last 12 months is OK, as long as you’re current. so you might qualify now even if you couldn’t before. Like any refinance, you’ll pay.
Closing costs can run into thousands of dollars. U.S. News & World Report suggests crunching the numbers to figure out how much you’ll actually save a month and how long you’ll have to stay in the house to break even before the refinance is worthwhile.
Before considering refinancing, it’s important to remember that you will need all of the same things you. But if you plan to stay in your home for the long run and can cut your rate by 0.75% or.
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How soon after you buy a house (financed with an FHA loan) can you refinance it to move to a conventional loan? I’m scheduled to close no later than late June on an FHA loan. The reason I went with FHA is because of my work history; it was difficult getting a conventional loan as a recent college grad with a new job and less than 20% down.
Before you refinance your mortgage after bankruptcy, make sure to ask the right questions and start rebuilding credit as quickly as you can. Also, make sure to look at different lenders so you can compare loans, interest rates and other factors.