Refinancing -- How does it work??

[Anonymous]

Hello all!

I am self-employed and started my business about 2 months ago... and has about 1 year work experience in the same industry (real estate), for a about a year.... and was in college before that.

Since,  I didnt have a 2-year work history, etc. etc. -- I can only get a NINA No-Doc loan.

I found a dream condo -- and can't wait any longer... so I'll do the 8% high interest mortgage for a year, and then refinance to a 6.4% good credit rate.

Is it really that easy?

[MM1234]

Yep. But I think it also depends on how much you can save when you are ready to REFI. I think its only worth it if you can get like 2 points lower. So if you do 8% now and in a year you can get 6% then great. However doing another No Doc REFI may still keep your rates up there. I was quoted high for a loan since Im Self Empoyed but have a great score now but that no doc issue hurts so im no longer in a rush.. Plus rates are going up so I'll wait till they come down.

But this year and next do a NORMAL Tax return so you can use that and get away from a No Doc. Its gonna hurt a bit to not inlcude all those write offs but it may help you in the long run then the next year after the refi you take all your tax breaks!!