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You would first have to read your contract.
Do you have pre-payment penalties? Most loans today do not come with pre-payment penalties, but you need to know for sure.
What interest rate are you at now?
Do you have more equity in your home now? or is your mortgage upside down?
How is your credit now?
What is your DTI?
But to answer your question you can refinance anytime you like, but there has to be a beneficial savings for you.
You can refinance by streamlining your present loan if it is available on your type of loan, or you can refinance into any type of loan you qualify for.
Hi JM-AM
I don't know right now if comes with pre-payment penalties but i will check
Interest rate is 5%
About the equity I don't understand exactly what you mean
My credit now is way much better. When I was in the mortgage application process my credit was 650, now i'm sitting on 707
I have to calculate the DTI
@jorgevazquez87 wrote:Hi JM-AM
I don't know right now if comes with pre-payment penalties but i will check
Yes please check.
Interest rate is 5%
You could get a lower rate today.
About the equity I don't understand exactly what you mean
Lets say you bought the house for 200K in 2009, and now you still owe 175K but the homes appraised value is only 170K. In this case you are upside down and would have to do a streamline type of refinance.
Now if you paid 200K in 2009, and now you still owe 175K but the homes appraised value is 225K, then you have 50K in equity.
My credit now is way much better. When I was in the mortgage application process my credit was 650, now i'm sitting on 707
Credit scores improving will help the process, but it is not the only consideration in a refinance or purchase.
I have to calculate the DTI
Yes have a good idea what your DTI is before hand.
Hi Lasardo,
Sorry for being late!
My property is not truly a rural area, definitely not, actually is a urbanization without controlled access also is not in the middle of nowhere, I live 5 minutes from a shopping mall. The property is not huge, I would say a average house if I compare with others near where I live. About the USDA Rural Loan, I made the process with a local broker here in PR. I did the process with a realtor and a broker and the process was smoother than I expected. The wait time until approval was 5 months.