How soon after buying a house could a person refinance to get a lower payment?

Ariane
you can do it the next day if you have equity in the house.

Christen
you could in theory but remember most lenders charge costs that are associated with the refinance. So you will end up either increasing the loan amount or paying the fees up front. There are some great mortgage calculators on the net that allow you to see how long it will take you to make up for the refinance and whether it is worth it or not. I have heard examples of where if you try to refinance, your original lender may attempt to match your new rate so that it is a win/win situation for everyone. Best of luck!!

Al
It depends on the bank you got the first mortgage from. There may be a penalty for early pre-payment because what you are actually doing is taking out a new mortgage to pay off the old one.In either case, your closing costs will probably be so high that it will wipe out any advantage you'd gain from a lower interest rate if you refinance right away as interest rates don't usually change that quickly.If someone is dangling a lower payment in front of you, ask a financial advisor about the realities of the lower payment as you may end up paying twice as much for your house in the long run or getting screwed over when you need to move and want to sell your house but you owe the bank more than it's worth.

Flora
If you have at least 20% equity in the property, probably any time, but the rates aren't going to change that much so quickly. You got the rate you did because of your credit score and that doesn't change quickly either. It's not worth it to refinance unless the int rate changes drops at least a full point, due to the costs involved in refinancing - it usually costs $100's to 1000's of dollars to refinance. You have new mortgage application fee, possibly points, possibly closing costs again

Arielle
Probably in just a few months depending upon your credit...sometimes it may take a year or two if you have a huge debt load or other factors adversly affecting you credit. Be on the lookout though... a few mortgage companies are going bankrupt... Just look at the news...after 5 PM today...probably around 5:30 or so...Good luck...Oh, you also get the "refi rate on title insurance" Those rates are lower than what you just paid for your purchase...set by law too in NY, so confirm the price. Try to use the same title company...as a matter of fact, insist on it as you may be able to save costs on the acillary fees (700 - 1000 total range...not much, but the only dicountable part of the t6itle costs) of your entire closing costsA Refi uses a bank issued attorney (see if your attorney is autorised by the lender to do closings and they may cut a break if possible)...A title closer (who you should always tip at the end of the deal...the loan officer you are dealing with.Important to note: No one in the room at a refi closing is your friend... they are in it to make $$$.I can answer specific questions for you if you need them...just send an email.

Bonny
First of all it depends on the term and conditions of your existing mortgage and then built in equity in your property. If the term is not over you may face penalty and if there is not enough built in equity then no use of refinancing. You can have your payment lowered simply by increasing the amortization and it needs just one call to the lender if you do not have special restriction in the mortgage agreement.

Annika
As soon as you have equity...to use as collateral.

Mauro
no limits

Nelly
Depends on the lender, you need to consult with your mortgage broker.