How often can you refinance your home in the state of Florida?

I feel like I really got burned at the closing table when figures all of the sudden changed and the pressure was on.

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  • 1 decade ago
    Best answer

    YOu can refinance sooner or later. There would be many things to look at before deciding if it was in your best interest to make a move. I can go through your situation with you if you would like. I do Florida loans. E-mail me if you want to go over your situation.

  • 1 decade ago

    If you feel like you have burned in your last refinance, you are not alone. Now a days there are so many complaints to the better business bureau about fradulent mortgage companies. Alot of companies will pull whats called a bait and switch...they will promise you one thing through the entire process, and once it gets to closing time....SURPRISE! At that point the borrower has so much time invested and money spent on an appraisal, or any other absurd fee's that you feel obligated to close. Bait and swith is highly illegal but unfortunately, very rarely regulated...

    You need to talk to a reputable company that is in good standing with the better business bureau.. Companies that have not had complaints in the past usually have good ethics, and are sure to treat you right.

    My company has a special offer where we have NO CLOSING COSTS besides the appraisal, and title. This is pretty much unheard of,being that most mortgage companies charge up to 5% of your loan amount ($200k loan x 5% = $10k) Because we bank all of our loans in house, we can afford to cut costs in order to get new business..

    My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in a refinance, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.

    Feel free to give me a call at 312-264-6448, or

    you can email me at Jasonf@providential.com.

    Thank You,

    Jason Fry

    Providential Bancorp

  • 1 decade ago

    How long ago did you sign the papers... if it was just a day or two you can resend the loan.

    You do not need to wait 2 years... wrong answer. You really don't need equity in the house, you can always write a check for the closing cost to closing. However, most lenders will take the yield spread back from the company that you used (like a mortgage broker) if you refinance within 6 months. Like I said, if you closed in the last few days you can resend the loan. They should have given you the information to do just that sort of thing at the closing table.

  • You can refinance as many times as your wallet or the equity of your home can bear.

    There are some obstacles but if you are serious about refinancing you will have to clear those obstacles. For example: Prepayment penalties are not required but I've found many borrowers who were put in prepayment penalties without even knowing it (bad mortgage brokers). So if you have a ppp you will have to abide by them or pay the fee. And the other thing is the closing costs.

    Source(s): http://jrealestate.blogspot.com Credit, Mortgages & Real Estate
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  • 1 decade ago

    You're not alone. Most lenders want you to wait about six months before you can refinance. However, the amount of times probably has more to do with the equity in the house than anything else. You must have sufficient equity built in to satisfy the new mortgage terms.

  • Anonymous
    1 decade ago

    florida has a 2 year prepayment penalty on 2 year arms

    3 year prepayment penalty on 3 year arms and 30 year fixed mortgages

    there is 6 months of hard interest if you bail early

    its not wise to refi unless you are in deperate needs

  • KL
    Lv 5
    1 decade ago

    You can refinance as often as you like...

    Source(s): Mortgage lender
  • 1 decade ago

    It is sad to say your not alone. May I ask if you did a cash out refinance?

    At times is can be common. If it is within three days, rescind the loan. We could easily provide you a new financing option. This is a very large financial transaction as you know, and it is important to work with someone who can pick the best program.

    To Refinance or Not? That is the question.

    When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage.

    These costs may include settlement costs, discount points, and other fees. You also may be charged a penalty for paying off your original loan early, although some states prohibit this.

    The total expense for refinancing a mortgage depends on the interest rate, number of points, and other costs required to obtain a loan. To obtain the lowest rate offered, most mortgage companies will charge several points, and the total cost can run between three and six percent of the total amount you borrow.

    For example, on a $100,000 mortgage, the company might charge you between $3,000 and $6,000. However, some companies may offer zero points at a higher interest rate, which may significantly reduce your initial costs, although your payments may be somewhat higher.

    PAYING POINTS FOR A LOWER RATE

    In refinancing, a mortgage company usually offers a range of interest rates at different amounts of points. A point equals one percent of the loan amount. For example, three points on a $100,000 mortgage loan would add $3,000 to the refinancing charges.

    Analyzing various interest rates and associated points may save you money. As a rule of thumb, however, each point adds about one eighth to one quarter of one percent to the interest rate the mortgage company is offering.

    Generally, the lower the interest rate on the loan, the more points the lending institution will charge. Some companies offer refinancing with no points, but generally charge higher interest rates.

    To decide what combination of rate and points is best for you, balance the amount you can pay up front with the amount you can pay monthly. The less time that you keep the loan, the more expensive points become. If you plan to stay in your house for a long time, then it may be worthwhile to pay additional points to obtain a lower interest rate.

    Some companies may offer to finance the points so that you do not have to pay them up front. This means that the points will be added to your loan balance, and you will pay a finance charge on them. Although this may enable you to get the financing, keep in mind that it also will increase the amount of your monthly payments.

    HOW TO DECIDE

    Traditionally, the decision on whether or not to refinance has usually meant balancing the savings of a lower monthly payment against the costs of refinancing.

    In recent years, companies have introduced "no cost" and low cost refinancing packages that minimize or completely eliminate the out-of-pocket expenses of refinancing. (These refinancing packages compensate with a higher interest rate, or by including some of the costs in the amount that is financed.)

    For the refinancing to make sense, the interest rate for your new mortgage must be about 2 percentage points below the rate of your current mortgage. However, with the newer low and no cost refinancing programs, it can be worth your while to refinance to obtain a smaller reduction in interest rates.

    An important factor to consider is how long you expect to stay in your home. If you plan to move in a few years, the month-to-month savings may never add up to the costs that are involved in a refinancing.

    REFINANCE CONSIDERATIONS

    Keep in mind several issues when you are making your decision:

    1. First, even a small rate cut can pay off quickly. That’s because you can easily find mortgage companies willing to waive routine refinancing charges such as application, appraisal and legal fees (which can add up to $1,500 to $3,000). Of course, in exchange for low or no up front costs, you’ll have to be willing to accept a rate that’s somewhat higher than the prevailing rock bottom.

    2. Second, if you are planning to stay in your home for at least three to five years, it may make sense to pay "points" (a point equals 1% of the loan amount) and closing costs to get the lowest available rate.

    3. And third, you can avoid laying out cash and still get a low rate by adding the points and closing costs to your new mortgage. This does not necessarily mean you’ll be shouldering a lot of debt. If you’ve had your current mortgage for at least three years, you’ve probably reduced your balance by several thousand dollars. You may be able to tack your closing costs onto your new loan and still end up with a mortgage that’s smaller than your original loan -- plus, of course, a lower rate and lower monthly payment.

    DOING IT AGAIN!

    Even if you have previously refinanced, it may make sense to do so again. The Joneses (not their real names) from Kirkland, WA refinanced twice within three months in 1998. In October, they trimmed the rate on their 30-year fixed mortgage by a full point -- from 9.13% to 8.13% -- for a monthly savings of $63.

    Plus, because home prices in their area had boosted their home equity, they were able to stop paying private mortgage insurance that cost them $120 a month.

    To exploit the continued decline in rates, the Joneses refinanced again in December. Their new 30-year fixed mortgage is at 7.375%, cutting another $55 off their monthly bill.

    Since the couple had chosen a no-cost refinancing each time, their total out of pocket expenses came to just $400 in appraisal fees. By the time you read this, they will already have recouped their up front costs.

    SHOULD YOU REFINANCE, OR NOT?

    Remember your goals. The Joneses had very specific goals for refinancing. As their family grew, their goal was to build a cash emergency fund.

    Another important point to consider in a second refinancing is the potential tax-write-off: When you pay points to refinance, you must deduct the amount over the life of the loan, usually 30 years.

    But when you refinance a second time, all of the points that have not yet been deducted from the first refinancing can be written off in a lump sum.

    I'd be willing to spend some time and review exactly what type of fiancing you now have and offer my thoughts on what may be better. There would not be any obligation.

    Source(s): Darren Meade, President Victory Lenders Darren Meade is a Local and National Real Estate Expert. He can be contacted at 866.676.4325 or his website www.VictoryLenders.net
  • 1 decade ago

    what co did u finance thru so the rest of us can be careful lol

  • 1 decade ago

    usually you have to wait about 2 yrs. to not lose money on it.

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