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How Soon Can a Mortgage Be Refinanced?

There are many advantages to having your mortgage refinanced. Of course, the most important and obvious reason is the lower rate you'll enjoy. When applied at the right time and opportunity, having a mortgage refinanced can save you thousands of dollars in the long run. However, since timing plays a crucial role in refinancing, it's important that you understand the factors that can affect how successfully you can take advantage of it. So how soon can a mortgage be refinanced and should you?

The right time
Getting a mortgage is not for sissies. This type of loan, whether you're taking it out to purchase a car or a house, is easily one of the biggest financial decisions you'll ever make in your life.

If you're taking out a home mortgage loan and are considering getting it refinanced later, you'll be glad to know that you could probably do it at any time you want. But once you have a mortgage and interest rates begin behaving in a manner that is favorable to you, you shouldn't automatically apply for refinancing.

First, the difference in the new interest rate and the current interest rate should be enough to actually give you some advantages. Second, most lenders will probably advise you to refinance only after your loan has matured for a minimum of 12 months or so.

However, it's good to consider this only if interest rates have remained more or less the same. If, at any time after you have taken out a mortgage loan the market trend begins tipping to your advantage, you should consider refinancing your loan. Remember that interest rates are rather volatile and if you wait too long for them to dip further, you could miss out on a very good opportunity to get a good deal.

Consider the 2 percent rule.
Just because interest rates have fallen a tiny bit does not automatically justify your decision to refinance. Consider refinancing only if the new interest rate is at least 2% lower compared to the rate you're currently paying. A 1% difference in interest is not sufficient reason to make the switch.

Remember that there are costs associated with a new loan. When you consider refinancing for your mortgage, remember that you will have to pay extra for closing fees. An interest rate as low as 1% will not cover the expense.

You have no late payments.
You could go ahead and refinance a mortgage provided you have paid your loan faithfully for the last 12 months. If you have never had a late payment during the last year, you could make the shift and have your mortgage refinanced.

You have already built up equity.
If you want to refinance a mortgage soon, try to examine if you have already built up equity. You should have a minimum of about 5% or 10% equity (depending on the lender) before you could consider refinancing as a feasible option.

So is refinancing an option for you?
Of course, you can always consider refinancing your mortgage at any time you feel most comfortable. The key is to consider the time factor, along with the type of opportunity being presented by the market. After all, refinancing is really getting a new loan. Just be prepared for the procedures and costs that you will have to go through all over again.


Is there minimum possible mortgage payment?
This may be a stupid question, but I'm only in my early 20s and looking to buy my first house. I'm finding a lot of houses under $100,000 in the area I'm looking in, and the RE/MAX website has a mortgage calculator. It allows you to input the price of the house with a possible loan APR, as well as the % you want to put down, and the term of the mortgage in months/years. Most of the houses I'm looking at, I can afford to put well over the recommended 20% down, which would leave me with a mere $80-$200/mo payment on a 15 year or less mortgage. Basically, I'm just wondering if it's even possible to pay that little? Obviously I could afford to finance it differently if not, but it would just be kind of awesome if that was legit.

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I am 18. I have a part time job, and I want to buy a house for 20,800. How hard would it be to get a loan?
Soooo. I am 18 years old. I've been in college for 1 semester, and I have a part time job. I don't have much of a credit history established. The house I am interested in buying is 20,800 dollars. It is a small price to pay for this house. But I know it is hard to get a loan! I was just wondering if it is absolutely impossible for me to get a loan?? I found a house loan calculator, and it said the monthly payment would be 108 dollars. here is the website. http://www.bankrate.com/calculators/mortgages/mortgage-calculator-rates.aspx?loan=20800&prod=1&Zip=83687&rate=4750&hideHistory=false So I need advice? How hard do you think it will be for me to get a loan? Will they cut a little slack since the price is so low, and since i am a first time house buyer??? Thanks!!!!!!!!!11

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need link to mortgage payoff calculator? can't find one that works?
I am near the end of my mortgage, and all the mortgage calculators I can find are for people at the BEGINNING of their mortgage. I want one where I can enter the balance left on the mortgage and the interest rate and the fact the payments are once a month, and that should be all the data needed. can someone save me from having to figure out how to use a spreadsheet again or doing this by hand? thanks! Ps if you don't understand what I am asking, don't answer, because there are many mortgage calculators that do not work for my needs. No, the bankrate calculator will not work, it doesn't ask what balance is left on my mortgage. I have consistently paid more than the minimum.

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