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If I have bad credit, and get a high interest rate, how long until I can refinance after I close escrow?

by nicole_3900311 from Oxford, New Jersey. Sep 28th 2016 Reply

Ted Ark (
#31 ranked lender in New Jersey - 37 contributions

Hi Nichole,For the portfolio mortgage programs we offer in NJ and NY, there is no prepayment penalty and as these loans are borrower paid compensation loans. The lender expects that you would refinance once your credit or income improves to qualify for a conventional mortgage loan program.Ted ArkGolden Mortgage CorpNMLS # 27281tel:

Sep 28th 2016
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

It depends on the loan product you have.. .for FHA, you must make 6 payments.. for Conventional, you can refinance right away so long as there is a benefit to you to do so.. but it's unlikely your credit score would change enough to make refinancing worth while.. Plus there are added fees to refinance that could run between $2000 to $4000... For VA, so long as your payment is going lower you can refinance anytime.. but some lenders have a seasoning requirement.. VA does not.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Sep 30th 2016
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