How long should I wait to refinance my home?
I just purchased it 4 months ago and I am having trouble getting it refinanced but my mortgage payments are really high....
- VATreasuresLv 61 decade agoFavorite Answer
If the payments are too high you should probably sell. You will probably lose money, but it is better to cut your losses now than to struggle each month with an unaffordable lawyer.
If your loan is predatory, I would consult a lawyer.
- 1 decade ago
If you have to refinance then do it , but I wouldnt suggest it unless you can find a company that will have better interest rates then the one you are with.
If you refinance your home , your asking for trouble. They can collect your home in a foreclosure matter much more quickly. Your best bet is to call the bank and see if they can extend your financial agreement over a longer period of time and see if you can get the payments down some. Then when you get better financially situated, put it back to a reasonable time period. Another thing you can do if you have the money, is pay what your principle is every month on top of your mortgage. It is a way of knocking off some time that you have on your mortgage and the interest. Just some suggestions.
- Anonymous1 decade ago
You should wait until the Fed Funds Rate is near 1%. That is when interest rates are the lowest. When the Fed starts to cut rates, that is when you should be looking at refinancing your home. NEVER REFINANCE UNTIL THE INTEREST RATE YOU CAN GET IS AT LEAST TWO POINTS BELOW YOUR ORINGINAL MORTGAGE RATE.
Here is a link to a refinance calcualtor that will help you out: http://www.bankrate.com/brm/calc_vml/refi/refi.asp
- carnahanLv 44 years ago
It thoroughly relies upon on what value it relatively is financed at, and what value you will get. maximum folk would be procuring and promoting in a decrease value for a larger value now, as fees of interest have risen lots interior the final 2 years. in case you have a variable value, although, you will possibly be able to check out getting a fixed value rather. in case you opt for to maintain your previous loan, check out getting a house fairness line of credit, and you will redesign with it. be careful approximately putting your vehicle on it, as you do no longer decide for to be paying on a automobile for 10 or extra years. i know the interest deductibility seems severe high quality, yet you will possibly desire to verify you have the economic self-discipline to get it paid off. many all of us is refinancing to pay off their credit playing cards, effectively finding out to purchase that lunch you had over 10 years.
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- Steve RLv 61 decade ago
Cut your spending and create a budget to see where your income and expenses are. Most people don't do a budget because it's time-consuming. You have to know where your money is going in order for you to manage it properly.
- Anonymous1 decade ago
you should wait 1 year. Just an FYI you will get hit with those god damn closing costs again :(