How soon after you close can you refinance?

We closed in June at 6.5% but if rates do go down to 5% someday soon I would want that rate. I believe that our deed has been recorded.

Re: How soon after you close can you refinance?

I think you're supposed to wait at least 5 years so you can build up some escrow.

But I'm no expert, I could be wrong.

Re: How soon after you close can you refinance?

I don't think that's correct Cindy - at least meaning it's not a "rule" but rather a guideline.

But, as long as your deed is in your name I think you can try to refinance as long as you have the equity in the house (which has been shakey lately if you didn't put down 20%).

My word of advice is to wait for it to possibly dip under 5%. We have a special mortgage program that was set at 5.75 in August (30 year, fixed) and we *heard* it may go to a full point below that in March (this special program sets for NEW mortgages every six months and they tend to forecast what could happen in the next six months).

In August I couldn't believe that rate and well, now rates are that low...so I'm thinking it could dip lower than 5 by the summer.

Message edited 1/16/2008 2:04:08 PM.

Re: How soon after you close can you refinance?

Unless there is a stipulation in your present closing papers that says that you have to wait (I know that with an ARM, you sometimes have to wait a full year and so long as you don't have a prepayment penalty clause), you can refi NOW so long as you have built some type of equity in the house (That is if you intend on taking cash out)

Re: How soon after you close can you refinance?

Someone posted something about refinancing last week and whether or not it would be worth it to do so which was very interesting:

LINK

Re: How soon after you close can you refinance?

Message edited 11/15/2011 9:41:28 PM.

Re: How soon after you close can you refinance?

we had to wait one yr. on our first home.

Re: How soon after you close can you refinance?

it depends on your current mortgage. Some have "pre-payment" penalties if you refi before a certain amount of time (1 yr, 2 yrs, etc). Others have no such restriction, and you can refi anytime.

The thing to be aware of, is refinancing costs $$. You need to run the numbers and see if the closing costs you would incur still make it worthwhile to get the better rate.

If you roll the new closing costs into your mortgage, do you still have enough equity? Depending on when/where you bought, your house value may have gone up (or down).