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jlarryelmore · Joined: 11 Jan 2009 Posts: 1 1.33 Dollars($)

Most of the references I see are to "cash out" loans. I don't wish to "cash out", but mearly to lower interest rate. I purchased a second home last August 2008 at a 6.75 % 30 yr loan rate and now would like to refi to a lower rate. No "cash out" and over 20 pct equity in the home. Must I wait 12 mo????

Caron · Posted: Mon Jan 12, 2009 3:30 am Post subject:

Hi jlarryelmore,

When did you take out the mortgage on your home? has it been over a year? Lenders do prefer a seasoning period of 12 months, that is, they'd like to see how you've managed your mortgage for the first 1 year of taking out the loan. If you've never been late on payments and managed your mortgage well over the past 1 year, only then they may agree to offer you a refinance loan.

Good luck

Guest

2 years agoWe bought our home and 12 acres way under the appraised value but at a high interest rate. A year later we borrowed money, total separate independent loan not a home improvement loan, and used it on the house anyway. Now we want to refinance for a lower rate on our home loan and pay off the other loan as well. We are being told the only way we can do this is through an Equity Loan? Is this true? Is there any program that Obama has out there for people who do pay there bills on time but are trying to consolidate so they do not get in trouble down the road and become part of the economy problems we are currently facing?

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