Whether or not your mortgage has a pre-payment penalty clause

Double-check that there’s no pre-payment penalty clause in your mortgage. These aren’t common anymore, but they do exist. If you have one, you should consult a lender to make sure refinancing is still a smart move.

 

Just because you can refinance soon after closing doesn’t necessarily mean it’s right for you. How long you should wait depends on three factors:

Refinancing Aims 

There are plenty of reasons to refinance, and what yours is can affect how you proceed.

  • Paying off your mortgage faster via a cash-in refinance is a smart way to build equity while potentially securing a lower rate. If you have an FHA loan, though, you must wait at least 6 months before refinancing with the FHA streamline program.
  • Switching loan types is helpful when your situation changes. If you have a conventional loan, then a rate and term refinance should give you the customization you need.
  • Lowering your monthly payments is always popular, especially with interest rates as low as they are now. However, most lenders won’t refinance a mortgage they issued in the last 120-180 days, so you may have to shop for a new lender.

 

 


Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025


Schedule a Meeting with a Mortgage Expert

Still have questions? Call UberMortgage for a free no-obligation consultation with one of our mortgage experts.

 

Choose the rules of the Lender 

Each lender has different rules that dictate how quickly you can refinance, not to mention what qualification requirements you need to meet in order to proceed. Our mortgage experts can help you uncover some of these rules.

 


Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025

How Soon Can I Refinance My Mortgage After Purchasing a Home? is available in the following areas/cities


Browse for additional mortgage experience in other cities with products and services provided by übermortgage.