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If I buy now at a high interest rate how soon can I refi?
I am ready to buy but the interest rates are making me second guess. If the rates come down months after I buy, can I just refinance and get the lower rate?
Asked By Corri K | Fredericksburg, TX | 419 views | Buying | 2 years ago
Answer(5)
Steven Hunt
Real Broker NY LLC
Yes, you can refinance. You can refi 6 months after buying the home. I wouldnt wait on rates to buy a home . Buy whenever you are truly ready. I think prices will continue to increase depending on the area.
- 2 years ago
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James Saffell
Keller Williams Realty Elite Partners
Corri,
Great question. Yes you may refi your loan. Many buyers are asking sellers to help them purchase with an interest rate buy down closing cost contribution. This would allow you to purchase now and be able to refi later down the road when the rates drop, hopefully. All we know right now, is that the rates are still solid, and prices are not really falling in most areas. Wish you all the best
- 2 years ago
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Vera Lupian
Century 21 Jordan-Link and Company
If you work with an agent in your area you will get a more accurate answer. For now, in my area there are some lenders that will let you know it would be about 6-12 mos. minimum. That being said make sure what type of loan you took out and what the terms are. Every case is different.
- 2 years ago
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Keith McKeever
Fathom Realty Central IL
You can refinance a property after six months. Be careful to calculate the expenses in doing so like appraisal and closing costs. A term I heard a long time ago always pops into my head with this question. Marry the house and date the rate! Rates are projected to come down but who knows how much or when.
- 1 year ago
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Jill Crofcheck
MDC Realty
Interest rates fluctuate daily. Some lenders have no minimum amount of time you must be in your home to refinance. In fact some lenders will reduce your rate just by calling your mortgage company and filling out a few forms. This can save you tremendous amounts of time and money.
- 1 year ago
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