I bought a house last year through the first time home owners programme?

Ellen
If I dicide to sell it now after living in it for just one year, will it in any way afect my credit rating? Or is there a way I could refinance it as I found out that I'm paying way too much mortgage. I can't save any amount now.

Lera
It would depend on how much you have actually invested in the home already. Typically when a home is purchased most of the mortgage payment will go to interest and insurance premiums. The rest will go towards the principal balance on the loan. If you decide to sell the house, it should not affect your credit unless you have missed payments on the mortgage. If the interest rates have dropped a lot since you took out the loan, you may consider refinancing. However, you may not benefit from refinancing since you may get charged closing fees all over again to take out a new loan (have the original loan refinanced). There are several factors to consider. By looking at all the situations at hand can help aid you in making your decisions.

Annamae
you should speak with a local bank with low interest rates...and also check to see if you have to live in the home for a certain amount of time before you can even think about selling. You don't have enough equity in your home to make it worth your while to sell it.