If I purchased a house in August 2015, have I had it long enough to refinance with lower payments?
Honestly, that would totally depend on the loan to value, your current rate vs. new rate, and how much it would cost for the refinance, because that will be rolled into the new loan. Also, if you currently carry mortgage insurance, depending on what your loan to value is now you may be able to drop that and save some money there. You would have to contact a lender to go over all the numbers for you. But if you want a short quick answer, then maybe, you could lower your payment. | 02.29.16 @ 22:56
You can certainly refinance if 1) it makes sense and 2) if you qualify.
Contact a lender to see what your options are.
good luck | 03.01.16 @ 19:29
The answer to your question depends on several things. If refinancing makes sense, however, it won't be due to the amount you've paid down your loan to date. If you bought your home below market value, if you made substantial improvements, or if you live in a remarkably hot real estate market, you might have gained some equity. If your current loan is at a high rate, and your credit scores have improved, refinancing is perhaps possible. All this also depends on your loan size, and what state you live in (costs vary widely by state). You really need to discuss this with a lender. Feel free to contact me through my profile if you'd like to chat. | 03.02.16 @ 19:00