I would like to know if I can refinance my mortgage loan to have some home improvements done and have a lower monthly payment on my mortgage. I purchased it on april, 4, 2014.
The short answer is "yes". However the longer answer to this question involves whether not you have enough equity in your home, whether or not you can qualify for the loan, and ultimately whether or not you can obtain an interest rate low enough to provide a lower payment than what you currently have. Other options you can explore are home equity lines of credit and renovation loans.
I hope this helps. | 05.19.14 @ 19:06
Most lenders will also make you wait 6 months before you can apply for a new loan. This is called seizoning. I'm in the same boat but if anyone knows of a lender willing to wait less time please let us know! | 07.22.14 @ 23:43
It MAY be possible to refinance and obtain cash for improvements AND lower the payment, but the odds of doing both, on a home you bought roughly 2 years ago, are minimal. If you live in a red hot market like Denver, or if you made a large down payment, you MIGHT have enough equity. In general, you'll only be able to borrow 80-85% of the home's value, unless you are a vet with VA financing. More questions? Can contact me through my profile, I write loans nationally. | 03.02.16 @ 04:59