Posted on: 16th Jul, 2010 11:00 am
i closed on 5/27/10...can i refinance right now or how long do i have to wait to do so? i know if it would benefit me or not, i just need to know when i am allowed to refinance.
Discuss it with the person who originated your loan (particularly if it
was refinanced through a mortgage broker)as there might be penalties to
them if you refinance within 4 to 6 months.
was refinanced through a mortgage broker)as there might be penalties to
them if you refinance within 4 to 6 months.
My best recollection is a minimum of 6 months, but I wouldn't be surprised to learn that it's been changed to a minimum of 12 months. And these rules are "protective" in nature, the thinking being that unscrupulous loan officers are taking advantage of borrowers by suggesting an early refinance as a way to make more money on the deals.
