I bought a house april 2006 100 finance for 449k at 85 rate when should i refinance?

Afton
all payments have been made in time, however I own other properties, four to be exact (homes) just bought them a month after my first house. Would that hurt my chances to refinance my first house later on? in my credit report it might seem as if I have high debt, however my payments are being met on time

Robt
It depends on what type of loan program you are currently in. Most lenders want to see that you've owned it for 12 months before refinancing for any reason. Some lenders are less stringent about the seasoning however, and again depending on your loan program, if you can find a rate that is better it might be beneficial to you.It needs to be evaluated on a case by case basis with full disclosure of your situation on all fronts in order to provide a quality assessment and answer. Your interest rate seems on par for a jumbo loan, and some minor assumptions about your credit score etc...

Ashlie
You probably will have a difficult time finding anyone to refi prior to owning it for 1 year. Truthfully, for a "jumbo" mortgage, you are paying a fair rate

Aurora
Any time the rate goes down 1/2% refinance

Clorinda
they look at debt to income ratio for onething, and loan to value, so that might be a problem,

Floria
A rate of 8.5% is rather high, so it might be well to refinance soon -- rates are expected to increase. But there are other issues: there are significant costs involved; there may be a prepayment penalty; how long you expect to keep the house (and whether you are living in it) are issues; and you need to keep an eye on the tax situation (although I would not expect that to be an issue here). Best bet is to go talk to your favorite banker or mortgage broker and have a good discussion.

Annika
If it is your primary residence then wait until the real estate market in your area can support a 10%+ appreciation and get into a 90% loan the rate will be better. Please note these are just really general answers, it truly depends on your particular situation. If you own multiple properties and the rent covers the mortgage than most lenders won't care. Also, a suggestion if you can get 10% appreciation I would suggest an 80% first and a 10% second since that would get you first mortgage in the conforming loan limits, and in turn get you a lower rate. The second mortgage would be slightly higher but you could use you savings on the first mortgage to pay down and eventually paying off the second mortgage leaving you a very manageable payment.