How long after buying a home can you refinance?

dancingshlee4285 asked:


My husband I just bought home in July 2008 for 87k. Our interest rate is at 6.25. With the mortgage rates falling because of the economy, we would like to refinance to pay off some bills and to get a lower rate. We are first time home buyers and have a fixed 30 year FHA loan. Do we have to wait one whole year to finance or can we do it now?

Edward

Tags: Fha Loan, Interest Rate, Time Home Buyers

This entry was posted on Wednesday, July 22nd, 2009 at 6:09 pm and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “How long after buying a home can you refinance?”

1. Woody Says:
   July 24th, 2009 at 10:08 pm

   Claude

   Smart move. It depends on the fine print of your current loan. Does it have prepayment penalties or any other ugly clauses? I suggest you simply call your current lender and tell them you are thinking of doing and see what they say. They may even give you a break on document fees and closing costs to stay with them, although it may not matter with FHA.
   I just built a new home, closed in Sept for 6.34% and refinanced with a different lender for 4.75% in April. Tip - you can fold the closing costs and doic fees into the new loan if you don’t want to lay out the cash. Your monthly payment will still be much lower.