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I bought a house 31st October 2008 and locked in my rate of 6.125% for 30 years, the loan was 207,740 and I pay $ 1,268 per month for my mortgage of $ 84 for PMI. Rate it now appears in the bottom 5%, that means I missed my chance OBV these principles I have no share in the loan yet built. This is an FHA loan by the way, I only have 3% down. Is there a time when I refinance? I need to wait a year? The flat estimated $ 215,000 was, I bought it for 208 000 … but I think the first year, the banks, the purchase price, not to use the evaluation price if the cost of housing, especially when I just bought. .. Let me know if theres anything I can do my loan is with Wells Fargo

3 Thoughts on Can I refinance my house?
  1. Reply
    Lemmi ;) Winks
    May 16, 2011 at 3:23 am

    I believe you have to wait 120 days, but don’t quote me on that. Taht might just be for early pay offs. I would think they would make you wait at least that, though.

  2. Reply
    Dave W
    May 16, 2011 at 4:11 am

    You can refinance for better terms at any time, if your loan agreement contained those provisions. Usually something like “can be paid off at anytime, without penalties.”

    The problem is in refinancing costs, often called points, and other fees regarding the closing. Even though you’ve haven’t lived there a year, the new lender can require new mechanical inspections, termite inspections, new appraisal, ect.

    Because housing prices have been in “free fall”, many homes are now selling for 10-20 percent lower in value than a year ago.

    All you can do, is shop around, and see what the market is like.
    May depend too, on what part of the country you live in and which lender has money to loan out.

    Since many companies and jobs are cutting back, a lender may even consider what industry you work in. For example, if you work in the U.S. Auto-industry, you’d be more at risk, less likely to qualify.

    Life is sometimes unfair. It maybe you’ll be stuck with your current mortgage, until things start looking up, and buyers re-enter the housing market again.
    This raises housing values, and in part reduces foreclosures, because borrowers can sell their homes, rather than walk away from them.

  3. Reply
    Pengy
    May 16, 2011 at 4:44 am

    The costs associated with refinancing will far exceed what you think you will save per month for less than 1%, your tax deduction advantage will also go down.

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