How long you have to own a house to refinance?

Deidra
I bougt a house a year ago, so want to know if i can refinace

Rachal
Yes, you can refinance assuming that you have equity in the house.

Milagros
It doesn't matter how long, but generally speaking, the shorter time you've owned the house, the less likely there is to save money by refinancing. The rule of thumb is if you can reduce your interest rate 3/4% or more, then it's probably worthwhile. But don't forget, there are up front costs involved in refinancing and these days, the value of that house may be less than what you paid for it, or worse, less than what you own on your current mortgage.

Andera
Usually 6 months ...then you must use the lower of the appraised value or the purchase price to calculate LTV. Also, cash out would not be allowed under most programs. After one year of ownership, the loan would be based on the appraised value of the house. If you have equity, you could get cash out under some programs.