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CAROLYN F
How do you refinance a sub-prime loan when you refinanced couple months ago.?
You are free to explore options for refinancing again, if you wish to pay the prepay and fees all over again.
I'm curious why you want to refi again so soon. The fees and prepay will cost you a bunch.
what
Carolyn: I don't understand why you would go through with refinancing so soon. What's wrong? Can you add some information please?
Okay, first, beware of the "on line lenders", they may say one rate, then switch to a higher rate; or some will take your up-front money, and do nothing for you.
That said, you can always search for a new lender, and reapply as many time as you like. The down sides are: pre-payment penalties of up to 3% times the loan amount due if you re-fi with in two or three years (check your loan agreement); also you will again pay for the loan origination fee, and the closing cost over and over again. You can some times reuse the appraisal from the first loan if it is within six months.
luckyangel108
What is the purpose of the refinance?? To get more cash out or to lower the rates or what? You need to ensure that your credit rating has rised high enough for you to qualify for a better rate on the loan to even decide whether or not to go through with the refinance. If for the purpose of cashing out, is there enough equity for you to cash out? You might have reached the maximum based on your credit standings already. And you need to find out if there are prepayment penalties and how much it would cost you in closing costs, etc. Might not be worth it at the end, should AT LEAST wait 6-12 months before refinancing again. Maybe you can get an equity line or loan to cover additional expenses that you have incurred....Need more info!
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