of course not, you can't just swap. You might be able to refinance, if you have enough equity, but probably not after only a week. If you CAN refinance there will be closing costs again.
Legally yes on most types of loans.. However, you will have to pay the closing costs etc to the new lender & won't get a refund from the current one. I don't advise it.
Talk to your current lender first to see if they will lower your rate. It will cost you closing costs all over again unless you can find a company that will do a no-closing-costs refi. You would have to figure out if the savings were worth the cost and hassle.
It's not so easy to "just" refinance when you have a new loan?
- Generally to refinance you have to have 80% equity in the new property. If you did a traditional loan with 20% down, this would be fine. If you put less than 20% down, you can still probably refinance but guess what.... you won't get the best interest rate.
Also, be mindful, that if you see a rate that is different than yours, you might not be comparing apples to apples. I can easily get a better rate if I want to do a
- one year ARM loan
- or I want to pay points.
I wouldn't want to do either of those (but others may want to).
Another thing to consider if the loan is apples to apples is that will you be approved for it. The loan may require A+ credit. Do you have that? It could be a teaser rate if you don't.
Most financial expects say not to consider a refinance unless the loan is more than .5% lower. Any costs you incur will eat away at the savings.
Or at least - not without paying lots of fees to close the old mortgage, and fees to set up the new one. The total cost of doing so may be more than you'd save with the lower rate.
You mean ... pay off this mortgage now by taking out another mortgage with someone else.
I'd check on how much that will cost you before you do it .. even if the other mortgage has a better re-payment rate it might not be worth it in the long run.
Answers & Comments
Your language is rather odd. Do you mean refinance? Possibly. Apply and you will find out if you qualify.
of course not, you can't just swap. You might be able to refinance, if you have enough equity, but probably not after only a week. If you CAN refinance there will be closing costs again.
Legally yes on most types of loans.. However, you will have to pay the closing costs etc to the new lender & won't get a refund from the current one. I don't advise it.
Talk to your current lender first to see if they will lower your rate. It will cost you closing costs all over again unless you can find a company that will do a no-closing-costs refi. You would have to figure out if the savings were worth the cost and hassle.
It's not so easy to "just" refinance when you have a new loan?
- Generally to refinance you have to have 80% equity in the new property. If you did a traditional loan with 20% down, this would be fine. If you put less than 20% down, you can still probably refinance but guess what.... you won't get the best interest rate.
Also, be mindful, that if you see a rate that is different than yours, you might not be comparing apples to apples. I can easily get a better rate if I want to do a
- one year ARM loan
- or I want to pay points.
I wouldn't want to do either of those (but others may want to).
Another thing to consider if the loan is apples to apples is that will you be approved for it. The loan may require A+ credit. Do you have that? It could be a teaser rate if you don't.
Most financial expects say not to consider a refinance unless the loan is more than .5% lower. Any costs you incur will eat away at the savings.
Yes you can refinance (pay off the existing mortgage in full by taking out a new mortgage).
Remember all those fees you paid for the first mortgage? Plan on doing that again.
You can refinance, but it would cost you money of course,not likely worth it.
Nope.
Or at least - not without paying lots of fees to close the old mortgage, and fees to set up the new one. The total cost of doing so may be more than you'd save with the lower rate.
You mean ... pay off this mortgage now by taking out another mortgage with someone else.
I'd check on how much that will cost you before you do it .. even if the other mortgage has a better re-payment rate it might not be worth it in the long run.
You can, but there are fees associated with refinancing.