How long do you have to own your house before you can refinance at a lower rate?
Friday, July 17th, 2009
cbr600girl asked:
I bought my house in July 2008 in San Bernardino County in California with a rate of 6.25%. I heard rates are dropping into the 4% area. How long do you need to own a home before you can refinance for a lower rate? I have an FHA loan and a neighbor told me that if I call FHA they can simply just switch the rate for me, but that definitely doesn’t sound right.
Sherry
I bought my house in July 2008 in San Bernardino County in California with a rate of 6.25%. I heard rates are dropping into the 4% area. How long do you need to own a home before you can refinance for a lower rate? I have an FHA loan and a neighbor told me that if I call FHA they can simply just switch the rate for me, but that definitely doesn’t sound right.
Sherry