We just build our house last year we got a loan with high interest rate is it too early to refinance ?

Azalee
We are just hoping to get a better interest rate, hopefully is not too early to do so.

Chaya
It really depends on the loan you have now. If it has a prepayment penalty it may not be in your best interest to refinance.

Delorse
With the government bailout of Fannie Mae and Freddie Mack, Interest rates are falling almost daily. You can refinance anytime unless your mortgage has an early prepayment penalty. The problem is the tight credit market and the lending agencies lack of funds to lend. That said you should start searching for a lower rate. You will find someone with a lower rate. You need at least 21/2 points difference between current and new interest rate. The bigger difference the better for you,

Barbera
if you have the equity then no move on with it. read your note with the section titled borrower right to repay. Even if you have prepayment it may still be in your best interest to do so as it is a tax deductible item as you are prepaying interest on the home. Rates a very good right now just make sure you have the equity to pull this offI am a mortgage banker in TN & KY

Andrea
Many details are necessary to answer your question (and you could not possibly share them all here). You must talk to your loan officer to get a good answer for your situation. Sometimes the best options are available through your existing mortgage company because some of them will refinance with fewer fees.

Estelle
you built your house at the top of the value rates (before the crash) and now want to refinance, hope you did not finance the original for 100% of the purchase price as your home is most likely not worth that amount anymore.