Is Immediate Refinance an option?
by Mortgage Rates on Monday, October 25th, 2010 | 3 Comments
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You probqlly wont get immediate finance any more however you can get a commitment right away.
Sure, if the lenders will allow it. Compare everything carefully.
I am a Senior Mortgage Officer. You have every right to refinance whenever you want. Here are a couple of things to consider:
You may have just paid closing costs on the loan you just closed unless your seller paid them. You will have closing costs on the new loan so you could risk paying them twice.
You may have a prepayment penalty on the loan you just closed. If so, these can often be steep charges ranging anywhere from 1% of the balance of the loan to as much as 6 months of interest.
If you can eliminate the PMI without it costing you too much upfront, I would suggest doing it. It is basically a junk fee that only benefits the bank you’re paying it to. The insurance itself provides no benefit to you. It is a policy the bank requires to pay them in the event of a foreclosure short sale.