Can I Refinance My Home After 3 Years

While you can legally refinance at any time there may be some costly consequences to this decision.

Can i refinance my home after 3 years.

Using bankrate s mortgage refinance calculator you can figure out. If you choose to refinance after three years your loan amount would equal 190 203. Unlike fha or va loans conventional loans don t come with a government guarantee which means. While it is possible to refinance a 30 year loan into a 15 year loan shortening the term most refinances go from a 30 year term to a new 30 year term.

Try our easy to use refinance calculator and see if you could save by refinancing. If for example you have been making payments for seven years on a 30 year mortgage and refinance into a new 30 year loan remember that you will be making seven extra years of loan payments. Even if you can refinance your loan shortly after getting it there are some things to consider before you do so. Refinancing into a 3 7 rate at this time would only save you 18 371 in interest payments over the remaining.

Understanding the mortgage refinance process can help you make an educated decision as to whether a refinance makes sense for you. For starters some mortgage lenders have pre payment penalties that kick in if you refinance your loan or sell your home within three to five years. Also getting a mortgage can affect your credit scores so if you apply for a. If after nine years you refinance into a new mortgage with a principal amount of 270 000 at a fixed rate of 3 952 for 30 years assuming 6 000 in closing costs refinancing would save you 793 per month.

Under extenuating circumstances however that waiting period may decrease to two years. In most cases you must wait four years from your bankruptcy discharge date before you can apply for conventional mortgage refinancing if you filed for chapter 7 bankruptcy protection. If you were five years into your loan and.