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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re-financing if home purchase was less than a year ago?
can it be done?
i had a solicitor call me and told me that if i could give receipts of the improvements we made (~25K) then we would be able to get a better rate.
it's at 5.25% right now, and was quoted 4.25%...
not sure if i should get serious about this. could it work?
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Posted 10/11/10 7:16 PM  |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Re-financing if home purchase was less than a year ago?
I'm doing a refi now and I bought in July of 09...
I would assume if you did work that your appraisal would come in higher than before?
I donno, I'm kinda dumb with this stuff so this is probably no help at all! But if you can get a lower rate, why not? You've barely paid down the principal right?
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| Posted 10/11/10 8:16 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Re-financing if home purchase was less than a year ago?
Yes you can. I'm going through it and I bought a year ago.
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| Posted 10/11/10 8:39 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Re-financing if home purchase was less than a year ago?
I know my current bank wont do it, as i already called them (BOA).
are you using your current mortgage lender or a different institution?
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| Posted 10/11/10 8:42 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Re-financing if home purchase was less than a year ago?
I'm using my current lender, Wells Fargo. We're JUST over the one year mark though so I'm not sure if that makes the difference.
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| Posted 10/11/10 9:01 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Re-financing if home purchase was less than a year ago?
I'm also using my current lender. They're also my bank--not sure if it makes any difference...Chase.
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| Posted 10/11/10 9:12 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Re-financing if home purchase was less than a year ago?
you have to have had the house for 12 months
so you can't right now
it's a question on the mortgage app- you can't get around it
Message edited 10/11/2010 10:53:22 PM.
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| Posted 10/11/10 10:51 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Re-financing if home purchase was less than a year ago?
Thanks Beth! i'll wait until december / january and see what happens with rates.
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| Posted 10/12/10 8:22 AM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: Re-financing if home purchase was less than a year ago?
How long are you planning to stay? There will be fees/closing costs - just make sure it will make sense, that you will stay in the house long enough to make it worth it.
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| Posted 10/12/10 8:36 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Re-financing if home purchase was less than a year ago?
Posted by queensgal
How long are you planning to stay? There will be fees/closing costs - just make sure it will make sense, that you will stay in the house long enough to make it worth it.
if she stays with the same bank or has an FHA loan- she will be able to do what's called a streamline refi - the fees will be much less
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| Posted 10/12/10 9:35 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Re-financing if home purchase was less than a year ago?
Posted by rkoenke
I know my current bank wont do it, as i already called them (BOA).
are you using your current mortgage lender or a different institution?
really, they won't? I work at BOA and we're working on a few refis for people who purchased within the last year...I'll look into it tomorrow and let you know what they say...
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| Posted 10/12/10 10:39 PM |
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