How Soon To Refi
Just bought first property with 2K down. Seller paid closing costs. Not too bad... How soon can I refinance, and for what % difference? Thanks.
Just bought first property with 2K down. Seller paid closing costs. Not too bad... How soon can I refinance, and for what % difference? Thanks.
depends on what your property will appraise for, what your credit looks like and what the terms of your current loan are (i.e. what is the rate? do you have pmi? etc).
if you bought a property below market and you can get a significant increase in your appraised value, and your credit is decent, you could go to some lenders that will go off of the current appraised value. As a result, the LTV of your new loan will be lower and you will either have a lower rate for PMI (or none), a lower note rate and/or a CLTV and thus a lower rate for any second you may have used to buy the property.
also, some lenders/brokers can do a no-cost refi. as a result, even lowering your payment by 1/2% can be a benefit. email me to **Please See My Profile** and I may be able to help you.
regards.