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do you have to have your mortgage for one whole year before refinancing if your credit is good?...We are in our 2nd home (bought in July) and have maintained perfect payment history on both our mortgages for the past 9 years. We want to refi for a lower interest rate before our anniversary in this house

elnoralittle · Posted: Tue Feb 24, 2009 7:16 pm Post subject:

I believe it is only 6 months under conventional if you are using a new appraised value.

under fha it's a year with a new appraised value.

If you are maintaining the same value on your home, you shouldn't have an issue

jameshogg · Posted: Tue Feb 24, 2009 9:03 pm Post subject:

Hi Guest,

As far as I know, most of the lenders will want to pay your mortgage dues for at least a year before refinancing it. However, as your credit is good and as you have regularly paid the mortgage, you should speak to your lender once and check if he is ready to refinance the mortgage.

Thanks

jveenstra · Posted: Wed Feb 25, 2009 3:09 pm Post subject: Refinancing

If you are doing a rate and term refinance, you should be able to do so anytime.
If you are refinancing and taking cash out, you woulod need to wait, probabaly 6 months and you are already past that.

ashleyblanton · Posted: Wed Feb 25, 2009 4:04 pm Post subject:

A good rule of thumb since you didn't purchase it all that long ago is if you are lowering your rate by at least a point. Otherwise the closing costs from the 1st time and this next time will outweigh the benefit.

eric1 · Posted: Wed Feb 25, 2009 4:28 pm Post subject:

In addition, many banks will use the LESSER of the two if you refinance in less than one year from your purchase.... 1. The original purchase price OR 2. The current appraised value.

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