Posted by Stacy (AZ) on February 05, 2001 at 10:34:41:
You can refi in a year, sure. Some things to consider:
Will the cost of a refi justify the lower payments, taking into consideration the length of time you plan on owning the house?
Will your current loan have a prepayment penalty that prevents you from refinancing in a year?
Stacy
Question about refinancing - Posted by Ed Eaton
Posted by Ed Eaton on February 05, 2001 at 10:08:24:
I’ve stumbled on a great deal, but I have a question about refinancing. The only drawback to this deal is that I would have a 1st mortgage with a relatively higher interest rate. In about a year or so, after I’m done fixing up my credit, can I simply refinance to get a better/normal interest rate?
Re: Question about refinancing - Posted by dewCO
Posted by dewCO on February 05, 2001 at 21:36:30:
Also consider that you don’t know where interest rates will be in a year, hopefully they are the same or lower, although they are pretty darn low right now! And do you know for sure your credit will be ready in 1-year?