We just did a home equity loan, but it has a crappy rate. My 2 yr old mortgage is pretty crappy rate-wise too. How long do I have to wait to be able to refinance, and consolidate the home eq to a new mortgage with a nice rate.?
You can refinance at any time. BUT do take into consideration how much fees you are charged and if you are staying in your home to make up for any fees. If your rate is dropping 2% or more I would refinance...and if you can go from 30 to 15 yr loan then by all means do it but make sure you know how much the fees will cost and weigh the pros and cons of refinancing. We refinanced in 2000 (to get my exhusband off the house and put my new hubby on it) which the rates were at 8% at that time and took out a home equity line to replace our roof, siding, and other things bad in our home but now refinancing is just not worth it to us even though our rates would be 2% or more less cause our HELOC and our 1st mortgage total as much as our house is worth so we've been just paying extra on our 1st mortgage and HELOC to bring the balances down and maybe in a yr or so we may refinance again.
