Can i refinance my house now?

Craig
i got my house two years ago and i still have one year fixed interest but, i have heard that the president said that some people may qualify to refinance their mortgages. can i do it before i get a bad credit?

Gwen
You can refinance any time - it doesn't depend on the President. Make sure you don't have prepayment penalties on your current loan.

Neil
Why would you want to refinance on a fixed?Unless you can beat the rate by 1% and recover the closing costs in 36 months, then you have just flushed money down a toilet.A bank won't let you go from a fixed to an adjustable, b/c there is no benefit to the borrower...that's predatory lending.However, if you can't make your mortgage payment, then you need to sell and buy something more affordable.

Everette
I think you are asking if you qualify for the interest freeze that was in the news about a month ago. If so, then you need to see if your loan qualifies. They have tried to implement an option for what you are going through. You are not alone and you have options. If you see that your mortgage is going to cause you a credit issue, try to come up with a solution as soon as possible.

Jennell
Great question!As a retired Mortgage Banker, I would love to answer it. There are SO many people hungry for answers such a great question, that addressing them one at a time is SO ineffective. I have a free report available that anyone can access to get educated about all the "dirty little secrets" of this business and HOW we as a society ended up in such a mess.It bothers me greatly that so many people, young AND old, have been taken advantage of and NEED answers to prosper financially and not become a foreclosure victim. If you DON'T get educated BEFORE making a decision, you're next in line to be ripped off. Count on it.I've been posting answers under numerous aliases onYahoo! because I have to keep creating a new account to do so. It seems the "establishment" prefers to keep the public in the dark when it comes to exposing the truth about anything which could actually help them avoid catastrophe. When faced with a serious choice about something in your past think about what you should have been made aware of by someone in "authority", but weren't. If you knew what "they" knew, wouldn't you have made a better decision?Whether you're a first time buyer, moving up, refinancing, buying a foreclosure, short sale or trustee sale or auction, you're going to need financing in place. First. Doing it ANY other way is wasting your time and a professional real estate broker won't even LOOK at you or your offer unless your financing is in place. Don't believe me? Try it.If you're interested in learning about the industry from the inside, visit my website. I can't type the internet address here or I'll be creating yet another Yahoo! account. I'll spell it for you. MortgageSelfDefense[dot]com. Type that into your web browser as you would a regular internet address and you'll get there.In addition to the information you'll receive on the site, if you decide to be a free subscriber, you'll receive tips, techniques and advice on regular intervals along with my personal contact information to ask questions.I look forward to helping you.P.S. I'm also a Real Estate Broker in two states (CA & NV) and have been since 1981. Having been so gives me a unique perspective on the industry.

Hazel
You're not providing the whole story. I gather that you have a "subprime" ARM with one more year to go before the rate resets. Also, that you have a prepayment penalty clause. Correct? When does the penalty expire? How much does the rate reset? What is your equity in the house? These are all factors.

Casandra
before you get bad credit ? I am puzzled... does this mean you can not afford your mortgage payments now ? If you can not afford it now what makes you think refinancing it will make it more affordable ?