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HOW SOON CAN I REFINACE MY HOUSE

WE JUST PURCHASED OUR HOUSE ON SEPTEMBER 13TH AT THE HIGHEST POINT OF THE RATES AT 4.75%, SINCE THEN THE RATES WENT BACK DOWN TO 4%. HOW SOON CAN WE REFINANCE OR IS THERE A WAITING PERIOD?
  • October 25 2013 - Riverview
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Answers (5)

You should be free to refi now if you have not already.  Ask about a no closing cost option
  • November 10 2013
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What type of loan do you have? Some loans have a waiting period that can be up to 6 months and others require fees if you plan to refinance. The best thing for you to do is to speak with a lender to get these things figured out. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck! 
  • October 28 2013
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Profile picture for Ray Stevens
You can refinance immediately as long as you don't request any cash back.

If it is a VA or FHA mortgage, additionally, you can structure the refi as a "streamline" which is basically no appraisal with reduced documentation.

  • October 27 2013
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Profile picture for Erick A. Parker
If you have an FHA loan you would need to wait 6 months. If you have a conventional loan you may not have to wait. You should not have a prepayment penalty.
  • October 26 2013
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Profile picture for Bkgdc
There is generally no waiting period, however, some loans might have a penalty for early repayment (refinancing.)  The information should be on the HUD-1.  Usually on the page before the signatures.  If you do not see it, call the customer service number of the lender if you do not see it.

  • October 25 2013
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