Consumption and Real Estate
How can I get an immediate refi on my home mortgage if I recently purchased the home?
Question : How can I get an immediate refi on my home mortgage if I recently purchased the home?
I’ve noticed that the rates are dropping much lower than what I got when I bought my home, if I’m still under a year can I still refi to get a lower rate or what is the period of time I must wait to apply for lower rate refi and what are the recommended procedures to do this immediately?
home refi
Best answer:
Answer by rhsaunders
Unless the mortgage note has a prepayment penalty clause, you can re-finance the next day. But that doesn’t mean that it is a good idea to do so; doing a re-fi will cost several thousand dollars by the time all the paper is pushed, and it can take a very long time to recover that cost even if the payments are noticeably lower.
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#3 written by Mike 1 year ago
The rates that you see advertised, particularly online are mostly scams by lead generation companies to get you to give them your name and address and telephone number.
The lead generation companies then sell your information to a large number of mortgage brokers who then call you to solicit your business.
When you ask for the rate that was advertised they will have some excuse why you cannot get that rate.
The more honest ones will admit that the advertised rate was just from a lead generation company that is not licensed to do business as a lender. It is only a marketing scam to get your personal information to sell to mortgage brokers so they can call you.
This is also a way to get around the do not call list.
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I’d ask the bank that closed the loan. Or the broker. Some loans have prepayment penalties, and between the refi closing costs and the prepayment it may not be worth it. If you talk to a mortgage broker they can run some numbers with you and figure out if it would be worth it to you. Also depends how far under a year you are. 30 days out you can’t refi (I don’t think) but 6 months out you can.