Is it a good idea to refinance the mortgage on your home if you have owned it for less than one year?
Answer:
yes, why not?
I had 3 different loans and trying to juggle all the payments with my wage was a little impossible so I had to consolidate these loans this process is called debt consolidation.
if you want to get out of debt today it is pretty easy with this type of plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is an online ebook I found after doing a google search :
http://umgarticles.atspace.com/debt-cons.
refinancing a home is expensive your closing costs could be anywhere between $4000 - $8000 unless the mortgage rates have fallen much low ( which has not been happening for sometime . it has continuosly climbed ) It is not a such a great idea to refinance. Do talk to your attorney or your local bank who can help u make good choices
You can refinance at anytime the only question is why are you refinancing and what is your end goal. If your previous loan is fixed I would advise against refinancing unless you know it will save or generate more money then the newer higher intrest rate will cost you. If you are looking to get out of a Varialble intrest rate and lock down with a fixed rate then this would also be a good reason.
I have found out that it depends on the situation you are in. If you are current in your mortgage and have never been late, then it depends on the refinance offer. If your credit report has low numbers on it, due to credit problems, it is not a good idea to refinance. You should try to wait at least a year before you try to refinance, and build some equity in the house.
When ever you refinance you must prove a "Benefit to the Borrower".
That benefit could be something as simple as a Rate & Term change, or to pull equity to consolidate debts or perform home improvements.
So there are MANY reasons why it could be a great idea to refinance.
You need to analyze what your reasons would be for refinancing, then shop for a mortgage program that meets those needs. Once you have established your needs, and whats available to you, you can decide whether the program meets those needs and puts you in a better position than you were before.
To answer your question though, It Depends on the situation.
depends on many things.
Do you have equity?
What is the reason for wanting ot refinance?
lower payment? Fixed rate? cash out?
depending on what you want to do, it could be a good or bad move.
For some, it makes sense to refi, even if it has been under the year..
for other situations though, it may not be as smart..
What i suggest is that you speak with a professional. Allow them to analyze your situation and advise you on which option will suit your needs best.
Without seeing all of the needed information, it is impossible for anyone to tell you here whether or not it would be smart to refinance. There is just more information needed.
My name is Jason Fry, i work with Providential Bancorp, a nationwide mortgage lender. I am licensed with multiple investors that all specialize in different program types.
What i can do is take a look at your situation, and match it to the investor that makes most sense for you.
From there if you like what you see, we can proceed..
Feel free to check my Yahoo answers profile. I have helped numerous people here both refinance, and purchase homes. I would be happy to do the same for you!
Feel free to call me at 312-264-6448, or email me at jasonf@providential.com
thanks, and good luck!
Jason Fry
Licensed Mortgage Consultant
Providential Bancorp
312-264-6448
If there is no benefit to you no bank or lender will approve a refinance. Benefit could be lowering your interest rate, debt consolidation or home improvement. Other factors to consider are have you built any equity and do you currently have a prepayment penalty. I recommend doing some homework and then ultimately deciding what it is you are trying to accomplish. Then contact a mortgage broker and get the process started. If you need any help or have some questions feel free to contact me or visit my website. www.dantadgerson.com
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