refinance 6 months after purchase

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However, you may wind up with a higher interest rate and higher monthly payments. Refinancing that soon after purchase usually does not work well. A lot depends on your current mortgage and what is available in the market. Refinancing involves costs such as appraisal, document fees, points, and others, so it may be too expensive.

Refinancing to lock in lower interest rates might not be the best idea, stretching out the loan term can lighten your financial burden each month.. added into the payment is going to eat away at any savings you're seeing.

Fannie mae suspends 6 month waiting period for Cash-Out Refinance – Fannie Mae Suspends 6 Month Waiting Period for Cash-Out Refinance. However, the Selling Guide has just been updated to allow a cash-out refinance within six months of a purchase transaction when no financing was obtained for the purchase transaction under the following parameters:.

what is the average morgage rate US average mortgage rates edge up; 30-year at 4.46 percent – Washington – U.S. long-term mortgage rates edged up after declining in recent weeks. mortgage buyer freddie mac said Thursday that the average rate on the benchmark 30-year, fixed-rate mortgage rose.

How I Bought This House For $0 Learn how soon you can refinance after purchasing your home and if it makes sense for you.. Purchase 30-Year Fixed FHA Loan 5/1 ARM Jumbo.. If you have an FHA loan, though, you must wait at least 6 months before refinancing with the fha streamline program.

I am 6. month savings. So if our reader who thinks he won’t live to see the end of his mortgage thinks he’ll make it through four years, it might be worth it (he said he’d do it for $125-a-month.

Compare refinancing rates in your area now. The average 30-year fixed-refinance rate is 3.98 percent, down 7 basis points over the last seven days. A month ago. a 15-year fixed refi is 3.40 percent.

a short-term refinance mortgage loan that combines a first mortgage and a non-purchase-money subordinate mortgage into a new first mortgage or any refinance of that loan within six months. The transaction is not eligible for delivery to Fannie Mae when the subject property is listed for sale at the time of disbursement of the new mortgage loan.

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I wanted to refinance my loan 4 months after the home purchase. Wells Fargo rep said I needed at least 6 months of payment history. So after 6 months, I started shopping around for a refinance. The lender I am currently working with said that the wells fargo person was incorrect.

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