I just bought my house in august but i want a better interest rate how soon should i try and refinance?

Kaley
The mortgage is in my name only cause my wife didnt have a job when we bought the house. But now she has a decent paying job, if I apply for a new mortgage with her shouldnt we get a better rate than 6.75%

Al
Depending on how low you can get your rate, you can refinance as soon as possible.Here's the approach to figuring it out:- How much can you reduce your monthly principal payment?- What are the total closing costs of the new loan?Divide the total closing costs by the reduction in payment and you have the breakeven number of months.If the breakeven number of months is less than 36, refinance.Example:By getting a lower rate you reduce your payment by $100 per month.It will cost you $2, 500 in closing costs to refinance.$2, 500 divided by $100 = 25 monthsMeaning, by saving $100 per month, it will take 25 months to pay for the closing costs.Ignore how recently you bought the house. It doesn't matter. That money's gone - it's sunk cost.Use 36 months as the cutoff - anything longer and it's not worth it.Make sure you get a good faith estimate to see what your total costs to close the loan will be.

Barney
how old are u?27 huh. maybe 3588.yeh thats probably it