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wormwar16712 · Joined: 01 Mar 2007 Posts: 6

I want to see if I can lower my monthly payments.

PatryckO · Joined: 21 Aug 2004 Posts: 4

My question to you is why? What is driving you to refinance your rates or apply for a loan after 6 months of living in the house?

Yeppers · Joined: 05 Jul 2005 Posts: 6

Yes, depending on who the lender is.Don't get a home equity if you can avoid it. Get a refinance at a fixed rate.

glenn7633 · Joined: 26 Mar 2004 Posts: 5

You could refinance the mortgage, but the chances of you taking out a larger mortgage or getting a home equity loan are pretty slim unless you've managed to build up a substantial amount of equity in those last six months.I get the impression that you are looking at your house as a 'money tree', and the tree probably has not grown since you purchased it.

CookieMonster · Joined: 30 Sep 2006 Posts: 8

Yes, you have the right to do it. If your mortgage has prepayment penalty, you'll have to pay this penalty, but still you have the right to do it, if you want.It's none of my business WHY you want to do it.

brianb · Joined: 14 Apr 2007 Posts: 6

Yes, it's very possible to refinance, but it's not likely to be to your benefit. You still owe what you owed initially. The property is still worth about what it was then. Your credit score, ability to document income, etcetera, are not likely to have changed significantly for the better.As for getting an equity loan, how much equity do you have? What's the ratio of debt to asset value (loan to value ratio)? How's your credit score? What's the debt to income ratio going to be?There is no magic wand generating equity 6 months after you buy. The value has got to have occurred through market rise, or you need to have put it into the property as a down payment.

northville · Joined: 25 Jun 2007 Posts: 7

Yes you can, depending on the lender. But not too much has changed in the past 6 months and I doubt that you have gained that much equity to make it worth it. I would talk to you lender and see what he/she reccomends.

aussiegirl_aka_shygirl · Joined: 14 Dec 2006 Posts: 3

Depends on if you have equity or not. If you where one of those fools that financed 100% with an ARM then most likely with todays market you are out of equity, or upside down in equity which means you owe more than your home is presently worth

BOBF · Joined: 26 May 2005 Posts: 6

There are many great reasons to refinance. With lower cost, adjustable rate, and 0-down options, traditional loan programs like 30-year or 15-year fixed rate mortgages don't always allow us to meet our financial goals. Today, even reducing your mortgage interest rate a little can save you big over the life of your home loan. Take a look below at some reasons to refinance. 1. Lower Your Monthly Payment If you plan to live in your home for a few years, it may make sense to pay a point or two to decrease your interest rate and overall payment. Over the long run, you will have paid for the cost of the mortgage refinance with the monthly savings. On the other hand, if you plan on moving in the near future, you may not be in your home long enough to recover the refinancing costs. Calculating the break-even point before you decide to refinance can help determine whether it makes sense. 2. Switch From an Adjustable Rate to a Fixed Rate Mortgage Adjustable rate mortgages (ARMs) can provide lower initial monthly payments for those who are willing to risk upward market adjustments. They're also ideal if you don't plan to own your property for more than a few years. However, if you have made your house a permanent home, you may want to swap your adjustable rate for a 15, 20 or 30 year fixed rate mortgage. Your interest may be higher than with an ARM, but you have the confidence of knowing what your payment will be every month for the rest of your loan term. 3. Escape Balloon Payment Programs Like adjustable rate mortgage programs, balloon programs are great when you want lower rates and lower initial monthly payments. However, if you still own the property at the end of the fixed rate term (usually 5 or 7 years), the entire balance of your mortgage is due to the lender. If you are in a balloon program, you can easily switch over into a new adjustable rate mortgage or fixed rate mortgage. 4. Remove Private Mortgage Insurance (PMI) Zero or Low down payment options allow homeowners to purchase homes with less than 20% down. Unfortunately, they also usually require private mortgage insurance, which is designed to protect the lender from loan default. As the value of your home increases and the balance on your home decreases, you may be eligible to remove your PMI with a mortgage refinance loan. 5. Cash In on Your Home's Equity Your home is a great resource for extra cash. Like most homes, yours has probably increased in value, and that gives you the ability to take some of that cash and put it to good use. Pay off credit cards, make home improvements, pay tuition, replace your current car, or even take a long-overdue vacation. If you want an introduction to pre-screened mortgage lenders, Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at:https://www.bills.com/mortgage/refinance

greekman · Joined: 13 Jul 2005 Posts: 6

most lenders do 6months if you want cashout.try FHA they do cashout up to 95%