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Discussion in 'Credit Talk' started by A New One, Feb 23, 2001.
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I have heard that it is, but you must check to see if you have a clause, some loans have clauses that if you refinance before a certain period of time that you have to pay penalties, You should check your agreement .
I dont believe that there are any penalties. But I will look again. thanks Mom.
P.S. Thanks for all of the other advice you have giving too. Between you and roni, you could start your own 'junum'. LOL
I have read that some mortgages had a little clause saying something about no refinancing before 5 years.
Thanks and you are welcome. Not all loans have this clause, but I know my friends had a clause and they couldn't refinance for 2 years or something like that. What is your rate on your loan now?? I know there are calculators out there they can tell you just how much you would save with a different rate. You may want to check them out too see how much you could save and if it would be worth it.
That is true but it really depends on your mortgage. It is called a pre-payment penalty. I dont have one of those.
I am at 8.75% so I know that I would benefit, especially if I can get it down to about 7%.
Best thing to do...look through your paperwork or call your mortgage company. Also, you can go to bankrate and use one of their calculators to see if it's worth the effort in trying to refinance. (Appraisal value, current interest rate, and refinancing costs all play a part.) I have a friend who's paying 8.5 and wanted to refinance. Her home didn't appraise enough so the bank wanted them to put up almost 10000 to refinance.
Prepayment penalties are *usually* only included with adjustable rate mortgages. Adjustable rate mortgages usually have lower STARTING rates than fixed rate mortgages. The prepayment penalties help protect the lender from having you jump from one adjustable rate mortgage to another every year.
Check your truth-in-lending statement that you received when closing. It's usually marked yea or nah on that document.
FYI: You can refinance an HOUR after closing on any mortgage - it's just a matter of having penalties (if any), the costs for the (new) refinance, etc.
We bought new in 3/00 @ 8.875%. We just refinanced in 2/01 for 7.125%, and our home had appreciated almost $40K in 11 months (it was a new build), so we not only save hundreds each month (now), but we don't have to pay PMI insurance (78% LTV).