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Refi Home Mortgage Loans - How Soon Can You Refinance An Adjustable Rate Mortgage?

Author: Carrie Reeder

Homebuyers have several loan options. Hence, purchasing a new home has never been easier. Individuals who cannot afford a down payment or closing costs may take advantage of loan programs that offer assistance. Furthermore, those hoping to obtain a low rate mortgage may consider a loan with an adjustable rate. Because of the initial low cost of adjustable rate mortgages, monthly mortgage payments are also lower. However, low rate mortgages are short term. To avoid an interest rate hike, homeowners should refinance before rates begin to increase.

Advantages of Adjustable Rate Mortgages

There are several advantages to accepting an adjustable mortgage. For starters, a low rate mortgage allows buyers to purchase pricier homes, while maintaining an affordable monthly payment. Moreover, because of record low rates, homebuyers who obtain an adjustable rate mortgage can enjoy falling rates without refinancing their mortgage. Thus, they avoid closing costs and other fees.

Adjustable rate mortgages are also ideal for individuals who plan on moving in a few years. Some people enjoy the stability of living in one place for many years. In this case, refinancing for a fixed rate is a wise choice. However, if you prefer the flexibility of moving every three to five years, you will save money with an adjustable rate.

Pitfalls of Adjustable Rate Mortgages

While adjustable rates offer many attractive features, one major drawback is that low rates are temporary. If interest rates continue to fall, you will not be subjected to the dangers of these loans. However, if rates begin to climb, so will your mortgage payment. Homebuyers who cannot afford an increased mortgage are at risk of losing their home. Thus, if your goal is to remain in your current home for many years, refinancing for a fixed rate will offer predictable mortgage payments.

How Soon Can You Refinance a Mortgage?

Fortunately, home mortgage loans can be refinanced whenever you like. Some lenders suggest allowing the loan to mature at least 12 months. However, if you detect a change in market trends, refinancing shortly after purchasing your home is a smart maneuver. Those contemplating refinancing must be prepared to pay additional closing fees. Moreover, contact your current lender and inquire of prepayment penalties.

About the author:

Carrie Reeder offers advice about Mortgage Refinance Loans Online. View our Recommended Lowest Rate Mtg Refinance Lenders Online.

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If you like the article above, you may be interested in the following article which is also related to Mortgages...

The Mortgage Loan Application Online - Save Time

"You can save time and money by applying for a mortgage loan online." This often touted tagline seems like a gimmick, but it's true. Here's why: You Do The Work By researching your loan online, you save time from visiting an office and getting the run-around from loan officers. It is unlikely you will get a straight mortgage quote from a bank over the phone, but you can get quotes from several lenders at once using a mortgage broker site. You also save time and money for the mortgage lender by accessing financial information online. You also save the mortgage lender time when you fill out the mortgage loan application online. By entering your information into the mortgage lender's database, you reduce the need for data entry clerks. Your information is then verified efficiently through databases for an almost instant approval. Consolidated Mortgage Offices With the Internet, mortgage lenders are able to consolidate their offices into one spot, usually in a low cost area of the...

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Media Alert: Ray of Hope in Subprime Crisis; Leading Mortgage Loan Servicing Company Sees Delinquencies Flatten or ... (Centre Daily Times)

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Fitch Takes Action on 1 Citigroup Mortgage Loan Trust Resecuritization Transaction (Business Wire via Yahoo! Finance)

NEW YORK----Fitch Ratings has taken the following actions on Citigroup Mortgage Loan Trust certificates. The classes represent a beneficial ownership interest in separate trust funds, which include bonds that have been affirmed and remain on or have been removed from Rating Watch Negative.

Rangel Says He Didn't Know of Loan Terms (Washington Post)

Rep. Charles B. Rangel (D-N.Y.) did not know that the Caribbean resort villa he purchased 20 years ago was financed with a no-interest mortgage from the developer and has generated $75,000 in income that he should have reported on tax and financial disclosure forms, his lawyer said yesterday.

Florida, California driving mortgage delinquency rate (Orlando Business Journal)

Mortgage loan delinquency rates in Florida and California are driving the nation's residential delinquency rate, which jumped .06 percent in the second quarter to 6.41 percent of all outstanding loans, according to the Mortgage Bankers Association.

Realty Q&A: How to get a no-hassle FHA purchase-rehab mortgage (Market Watch)

I'm trying to obtain a loan for a home purchase -- I am not a flipper -- and I have been unable to find anyone who knows about the FHA Streamline K loan. How can I go about finding a lender familiar with this type of mortgage?

Home loan troubles break records again (AP via Yahoo! News)

The source of trouble in the mortgage market has shifted from subprime loans made to borrowers with bad credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments.

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