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How long do I have to wait (if at all) to refinance after purchasing a home?

by ducsport370 from Bloomingdale, New Jersey. Sep 25th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info needed.. The rules are different depending on the loan product you have now and the loan product you are going to.. Example.. if you are FHA now and you want to go back to FHA, then you have to wait 12 months, and your payment must be 5% or more lower than it is now.. If you are conventional now and want to go back to conventional, then there is no waiting period, but there are rules regarding the "Net Tangible Benefit".. This means that there has to be a good benefit to you to refinance. Lower payment, lower interest rate, shorter term, moving from a ARM to a fixed rate mortgage, removing monthly mortgage insurance, etc.. If you refinance inside of 6 months, then the lower of the original purchase price/current appraised value will be used.. if you go outside of 6 months, then the current appraised value will be used.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Sep 25th 2017
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,054 contributions

Technically, you can refinance right away... But you may be limited in loan choices, as nicely laid out. It is not common to refinance right after buying a house... so what is going on? Did you pay cash for the house?

Sep 26th 2017
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