Do I have to wait to refinance on a new home?

I financed with my builder and they out and out told me that they WOULD sell my mortgage, do I have to wait any amount of time to try to refinance? I've made two months worth of payments and been in the house for three, but I know they will sell a % of their loans and I'm thinking I'd rather choose who has my loan then let them sell it to someone who I don't know. Opinions? Please?

If your credit is good enough, there is no need for seasoning (the time period that you have stayed in the home). If you have a B-side loan, however, there is sometime a necessity for 6-12 months of seasoning.

No matter who you go with, they will usually sell off your loan. This is how mortgage companies and banks make their money. There are a few out there that may hold and service the loans themselves, but most companies, except for ones like Countywide and Wells Fargo, prefer to sell the loan for a small quick profit rather than wait 30 years for a hefty chunk of change.

The loan itself will not change. The terms will stay the same. The only difference is the service you get.

If you have any more questions, email me, or check out our website.

Baconshmals@yahoo.com

http://aapexfund.com

You can refinance at any time.

However, I wouldnt' worry so much about who they sell the loans to. A lot of banks, builders, etc, sell home loans. They are not allowed to change a SINGLE CONDITION of the loan. Not the interest rate, term, late fees, NOTHING. So unless you're worried he'll sell to a really bizarre company, you dont have to worry.

Refinancing generally involves a lot of fees, so it could cost you money-- and the builder might just sell somewhere like Wells Fargo (that's what happened with mine) and its perfectly okay.

yes you can refinance your newly bought home as long as the property have equity. But if you are refinancing your property because you think you will get affected because the builder is selling your mortgage note, well that is not the case. Every bank in the industry sells their loan to investors. that is how the banks make thier money. so it would not matter who you go to to refinance your mortgage, just look for the best rate. Do not base it on who is going to hold on to your mortgage but who will give you the best rate.

John Tanion
Mortgage Consultant

If you have any question you could contact me a johntanion@yahoo.com

You do NOT have to wait, but it will depend on the appraised value vs. your current mortgage. Make sure that you don't get screwed by the appraiser. You should try to apply with eloan, they will do the best job with it. They have a promotion now, If you use this link http://www.tkqlhce.com/click-2177451-10427742 they will waive the lender fees.

You can refinance at anytime however prepayments are a possibility. You need to calculate how long it will take to recoup the fees you are going to pay to refinance. Also keep in mind selling loans is the name of the game in the mortgage industry. Most lenders do sell there loans in bundles. A small local bank may not sell your loan but they also cannot offer as many servicing options.

If you have equity, you do not have to wait to refinance. Fill out the free evaluation form at www.totaldebtsolutionsllc.com

so we can recommend a loan officer to you. Good luck.

You may want to refinance your home for several reasons.

1)Mortgage Rates might be lower now. The biggest reason that people refinance their mortgages is to save money. No matter what has happened to you, there is always a good reason to start saving money. A lower rate on your mortgage can help you stretch out the payments so that every month you are paying less to live in your house than the previous month. When interest rates are low and you had previously locked your mortgage into a higher price, it might be a good idea to shop your rate around to see how low you can get it. The early 2000's have been an environment of very low mortgage rates which make it a good idea to shop around to see if you can refinance your mortgage.

2)You need money and need to stretch out your payments. Maybe you've recently filed for bankruptcy and therefore need more money to get back on your feet. Maybe you've switched jobs and therefore need to refinance your mortgage in order to make your monthly payments lower. No matter what people say, it's always a good idea to have more money in your pocket than less, isn't it? Refinancing your mortgage might be a good idea in this situation.

3)There may be better deals out there than you think there are. Finding a new mortgage company or bank to refinance your mortgage might be a good idea just to kick the tires of the industry and see if you could get a better deal. If you've been spending a lot of money and paying off the balances on your credit card on a monthly basis there is a significant chance that your credit score has increase recently. An overall better credit score is better for everyone including your lenders. If a new lender sees that your credit score has increased recently, she might be in a much better position to give you a better deal on your mortgage than you think. She could refinance your mortgage by shopping the deal around at more banks and finding the best one for you. Shop your refinancing around, it can't hurt.

4)Mortgage refinancing as a sound business decision. If you own a small business of any sort and need a capital infusion, then investigating mortgage refinancing might be a very smart thing to do. If your business is truly small and you run it out of your house, then the line between your personal and business expenses might be thinner than you are reasonably comfortable with. Clearing up a little extra capital, through refinancing your home, every month might be the difference between investing in some new small equipment and not investing. Everything that is an expense should be lowered if possible. Refinancing a mortgage might be a fantastic idea to increase capital reserves and to plan for future investments. Many business owners who work out of their homes constantly try to decrease their monthly payments so that when it comes time to pay their business bills, they have a little extra capital. Always check with a CPA or attorney to determine what is deductible and what isn't. But, more money is more money, even if you are lending it from yourself to your business

Most lenders will sell your loan. It doesn't affect you in any way... so just make sure you go with the best deal, and not who won't sell your loan. There are lenders you can refinance with even though you just bought your home.

You can refinance whenever you want.

It all depends on what your goals are. Since the most common goal is to save the most amount of money overall, then that is what I will describe:

1. First you take what you are paying now. Let's say it is $1,500

2. Then you look at what your new payment will be. Let's say it is $1150.00.

3. Then you have to ask yourself how long you plan on keeping your home. Let's say it is 5 years.

4. Then you find out how much the loan is going to cost you...Let's say $3500.00

5. Next, you subtract your new payment ($1150) from your old payment ($1500) to get $350 in monthly savings

6. Then you divide your cost ($3500) from your monthly savings ($350) and you get 10 months. This is called your breakeven point.

7. Since your breakeven point comes before you plan on selling your home the monthly savings becomes pure profit after ten months.

8. Last, calculate all the money you're saving. $350 multiplied by 50 months of pure profit equals $17,500!

Basically there is no good or bad time that anyone can tell you to refinance. It is all about when it makes financial sense to you.

If you need help with this and want me to give you or someone you know some advice please feel free to send me an email and we can talk further.

Most companies want you to wait at least 6mos.

Unless you are over 80, stay away from reverse mortgages.

If you refinance now, you may owe money since the value of your home has more than likely decreased since you bought it.

Go to http://www.reversemortgagepage.com/topic.php?topID=18 and ask lt about it

Yes, you can refinance at any time. Having said that, however, it's probably not a good idea to do that right now. For starters, some mortgages have a pre-payment penalty if you repay the mortgage within the first year or two, which means if this mortgage you financed with your builder had such a clause (and most of them do) you would have to pay out of your pocket for that or roll that into your new mortgage. Also, it's really not worth it to refinance unless you can get a rate that is at least one full percentage point below the rate you're paying now with no points. Finally, every time you refinance you have to pay closing costs, and that again means money out of your pocket or more money that you have to finance in your new mortgage -- also bear in mind that every time you finance more money in a mortgage it can cause your interest rate to go up.

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