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Refinance right after purchase

How long do I have to wait in order to refinance my home after buying it? I bought it a little more than six months ago. Can I refinance for a better rate now? by daryn._410_978 from Costa Mesa, California. Dec 5th 2011 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

Yes, you can refinance in as little as 60 days, but one of the big questions is: Is it worth it? Find a local Mortgage Banker/Broker and have them calculate for you, the cost, the monthly savings, and the breakeven. You want to make sure you fully understand, the cost/savings benefit. IF the numbers work in your favor, go for it.

Dec 5th 2011
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Sam Suliman (Sam Suliman)
#114 ranked lender in California - 2 contributions

Hello Daryn, yes you are eligible to refinance at this time, unless your contract note calls for prepayment penalty. You are able to check that by looking at the part of your note that says prepay, it will spell it out for you.If further assistance is needed, feel free to call me at my personal number (626) 695-6085Best RegardsSam Suliman

Dec 5th 2011
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Brad Yzermans (HomeLoanArtist.com)
#517 ranked lender in California - 10 contributions

Rates were low two months ago......I can't see a huge benefit. Are you wanting to do a cash out refinance? or change the terms? What is your current interest rate? DO you have an FHA or Conventional loan program?

Dec 5th 2011
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Nathan Rufty (nathan.rufty)
#527 ranked lender in California - 63 contributions

Daryn, you have a couple of factors we have to work with, how much did you place down to purchase the home, what type of financing did you obtain such as FHA, Conv, VA? We can refinance your home within 6 months depends what type of loan your have currently. Please call me at 909-503-5600 to discuss further.

Dec 5th 2011
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Blake Kleckner (BlakeK)
#391 ranked lender in California - 261 contributions

Typically, you can't refinance with the original lender for 6 months. However, you can refinance with another lender much sooner.Considering that you purchased your home about 6 months ago, chances are you could get a much better interest rate by refiancing now. I'm currently working with a client who purchased a home with a Chase loan in mid-July at 4.75%. I could have done the very same loan for him at 4.375% at NO COST, and saved him $59/mo. had I known him then.Chase will not refinance his loan until mid-January, and he was recently told by the loan officer there that refinancing now wouldn't make any sense. Obviously, she knows she can't refinance his home and doesn't want him going elsewhere, so she is being dishonest with him about why he shouldn't refinance now.The fact is, I can refinance his loan today at 3.75% at NO COST, a full 1% less than his current 4.75% interest rate, and save him $152/mo. He is presently paying $1,373/mo. and the new payment would be $1,221/mo. Anytime homeowners can refinance and reduce their mortgage payments more than 11% monthly, it's definitely worth doing--especially if it costs them NOTHING to do.The moral of this story is don't work directly with a bank. You will wind up with a higher interest rate, higher loan costs, and wait longer to get your loan completed than if you work with a competent mortgage broker.Give me a call 16/7 at 626-796-7712 or 626-644-2020, Daryn, and I'll be happy to walk you through the process. We have 39 lenders to choose from so I'm quite confident I can structure a new mortgage loan for you that will be perfect for your particular needs. Also, click on my picture and you will be redirected to our web site where you can learn more about me and our mortgage brokerage.

Dec 5th 2011
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,468 contributions

Rates today are not much different than 6 months ago. Therefore it is unlikely that it will make any financial sense to refinance today once you factor in closing costs. Of course, I, along with everyone else here do not have enough information to make any accurate assessment. Contact a local licensed Loan Officer in your area to let them calculate the possible savings, if any.

Dec 6th 2011
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Dan Paladin (dpaladin)
#1 ranked lender in California - 739 contributions

The short answer is yes....main point is consult with a trusted mortgage consultant to confirm the total cost benefit. Feel free to contact me to a complete no obligation analysis. 877-369-4319

Dec 6th 2011
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Rudi Hofmann (CaPortfolioLoans)
#282 ranked lender in California - 380 contributions

You can refinance any time you want to. If you received a good rate, rates may have not changed enough, in the past six months, to make this worthwhile. That is a decision you must make. The main factor is how long you plan a residing in this property. ... Good luck. ... Happy funding, Rudi

Dec 10th 2011
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