If you have just purchased a home, you have the option to refinance your home soon. Just because you can refinance your home doesn’t mean that you should. How long you should wait to refinance your home depends on a few things including:

  • Your refinancing goals
  • The rules of your lender
  • If your mortgage has a pre-payment penalty clause


Your goals for refinancing are among the most important things when considering whether to refinance. Lenders typically won’t refinance a loan that you have secured in the last 120-180 days, so if you’re looking to lower your monthly payments, you may have to shop for a new lender.    

The Type Of Loan You Have

If your financial situation has changed, it may be smart to change the type of loan that you have. Oftentimes, changing the rate and the terms of the loan can give you the extra freedom that you need for your loan and your life. 

Pay Off Your Mortgage Faster

If you do a cash-in refinance, this could be a smart way for you to build equity for your financial future and help you to secure a lower rate for your mortgage. Keep in mind that FHA loans are a bit different when it comes to paying down your mortgage. The FHA streamline program requires that you wait a minimum of 6 months before you refinance. 

Pre-payment Penalties

 Before you refinance your home, you’ll need to double-check to ensure that your mortgage doesn’t have a pre-payment penalty. If you do have one of these clauses included in your loan agreement, you should consult your lender to make sure that refinancing is a smart move for you.

Lender’s Rules

Every lender has different rules as to how quickly you can refinance your mortgage. You may also need to meet certain qualifications in order to go ahead with the refinancing. 

As tempting as it can be to try and get a lower mortgage rate, you may want to hold off on refinancing for a variety of reasons. Remember that every time you refinance your home, you’ll need to pay closing costs and other fees. While it may be a savings in the long term, it could cost you some up front cash. 

The best course of action is ideally to shop for  a lender and a mortgage rate that will suit your needs from the beginning. While no one can completely predict a changing market, you can shop around and find the right rate and loan for you at the time.

Tagged with:

OPEN HOUSE SAT & SUN, AUGUST 11th & 12th, 11-12:30! A wonderful four bedroom Colonial in the Dawe School area, remarkably cared for by original owners, is new to the market! This classic home has hardwood flooring throughout. Large eat-in kitchen, fireplace living room with sunny bay window, dining room for family and friends to spend time together. The screened in porch is where you retreat to relax! It opens to a “park like” backyard with brick patio, sheltered by lofty trees. All four bedrooms are upstairs – each is spacious! Lower level is completely finished. This wide open multipurpose space will accommodate a variety of functions. It’s a place to entertain, work, exercise and play! Carefree vinyl siding. Roof, windoows and heating system have been updated. Outstanding neighborhood! Kids can walk to Dawe Elem. School. Just minutes to major highways, downtown, library, restaurants, shopping and Boston Commuter Rail. STOUGHTON: NEW HIGH SCHOOL* NEW LIBRARY * GREAT TOWN!!

This is a Colonial style home and features 8 total rooms, 1 full bath, 1 half bath, 4 bedrooms, 0.38 Acres, and is currently available for $415,000.

For complete details click here.

Set your Twitter account name in your settings to use the TwitterBar Section.