refinancing question

when does it make sense to refinance a house? we just recently bought and closed in june, but now i see mortgage rates are a point lower than what we closed at.. is it even worth it to look into since we recently closed not too long ago?

Re: refinancing question

I believe you have to wait a year.

Re: refinancing question

I was told its 8 months but you have to consider how long you willl be in the home because you do have to pay closing costs, which most people wrap into the mortgage but if you plan to get out soon it might not be worth it

Re: refinancing question

You do not have to wait a year... We bought 11/20 and refinanced on 4/17.
They say usually its only worth it if you decrease your rate by 1% point. But honestly... figure out what the difference is each month and think about how long you plan on being in your house. If you only plan to be there 4 years and its gonna take you 3 years to re-coup the closing costs of the re-fi then it probably won't be worth it.

Re: refinancing question

I heard that its worth it when you can lower your rate at least 2 points.

Has for how much time you have to wait, that's really up to the bank I think. We tried last year and our bank said we had to have at least 6 months of on-time mortgage payments (which we did) but we didn't have enough equity at the time.