I got lied to and screwed over when I bought my house three months ago. I need to refi ASAP. How long do I have to wait? I live in Nevada if that matters.
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There are banks out there that can refinance you in less than a month, but on average 3-6 months for most banks.
Jason, I might be able to help you. I’m licensed in Nevada.
Usually three years or else you pay a penalty (several thousand dollars). Anyone will do the new loan, but the old loan has a clause that says you pay around 3-6% of the note as a penalty for early payoff. This usually expires in three to five years, depending on the terms of the loan.
Depends on the type of loan you have. If there is a ‘pre-payment’ penalty on your loan, that means that you will not be able to refinance for a while, probably a year or could be a few years. It means that if you make payments over and above the exact amount of your monthly payment, that you will get penalized for it (which also includes refinancing). Talk to the mortgage broker that helped you, or if they are the ones that screwed you over, find another mortgage broker to look over your loan terms and advise you what your options are. They really will be the ones that can tell you.
6 months good luck and b carefull
From my experience, you can only refinance once you have built up equity in your home. Very little from your monthly payments goes to cover the loan for many years while you pay the interest first so you won’t have any equity in your home for many years. Think how else you could solve the problem. I know there are some mortgage companies out there who say you can refinance to change the mortgage to a fixed mortgage, but I don’t know at what expense to you.
Alright Jason,
The answer is going to depend on if you have a prepayment penalty or not. Of course there are other variables such as current market value, DTI, LTV, etc. However, you should look at your current loan documents or call your lender on find out for certain if you have one or not. If you don’t and all you want to do is change your rate and try to lower your payments (no cashout) then you can refinance immediately. For a strict “rate and term” there is no seasoning. I have helped several people who have been mislead into a bad loan get into a better rate/product option.
If you would like to discuss this further, feel free to contact me.