Can i refy my condo after 6 months?
Tags:bank owned properties, credit score, fha loan, solano county, vacaville ca,
2
I changed in to my apartment house in September. On Apr 1st i will have my 6th payment. Can i refinance after Apr 1st? you am now in an FHA loan during 7% flat. you paid for my apartment house for 9,000 The marketplace where i live is still in a toilet. Comps in my area have been really bad given there have been 3 bank owned properties inside of 50 yards of my home. Will i still be means to refy my condo? My credit measure is somewhere in between 640-670. you live in Vacaville, Ca, Solano County. Wells Fargo now binds my loan, they paid for it 5 months ago from a oringal loan creator.
We usually 7% down when you bought.
We usually put 7% down when you bought. There is no pre remuneration penalty.
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Check to see if your loan has a pre-payment penalty, if it does, STOP. Do not refinance.
Most lenders will only refinance 80% of value, so unless you put 20% down when you purchased, you are probably dead in the water.
I would wait until you have more equity in your condo to refinance. The closing costs alone could cost you more than you could save not to mention the market that you live in. If you lived in a booming market, refi-ing would be reasonable.
Try something like this to compare your current loan versus a loan that you are considering.
http://www.finance.cch.com/sohoApplets/CompareLoan.asp
For us, it would be 10 years before we made the first amount of savings.