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Old 07-28-2010, 08:24 PM
 
Location: Bristol, CT
88 posts, read 183,621 times
Reputation: 61

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So I closed on my condo in November 2009 (several months ago) and my rate is 5% fixed. I see how low rates are now...am I able to refinance for a lower rate? Would it be worth it? Are closing costs high for a refinance? Are there restrictions considering I was a first time home buyer? Thanks for any and all input.
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Old 07-28-2010, 08:58 PM
 
995 posts, read 3,697,828 times
Reputation: 361
Quote:
Originally Posted by ct4life View Post
am I able to refinance for a lower rate?
Ask your lender. It's case by case.

Quote:
Originally Posted by ct4life View Post
Would it be worth it?
We need more information. General rule of thumb is if you plan to stay for longer than 3 years and the rate decrease is 1%, then yes.

Quote:
Originally Posted by ct4life View Post
Are closing costs high for a refinance?
closing cost is about 1-3% of the loan.

Quote:
Originally Posted by ct4life View Post
Are there restrictions considering I was a first time home buyer?
I don't think so.
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Old 07-28-2010, 09:55 PM
 
Location: Long Island
9,481 posts, read 20,426,109 times
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Quote:
Originally Posted by ct4life View Post
So I closed on my condo in November 2009 (several months ago) and my rate is 5% fixed. .
Another possibility to consider:

Depending on where you live, your market value may have dipped somewhat since your previous appraisal and a current appraisal may come in lower - which could prevent a refi right there.
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Old 07-29-2010, 09:53 PM
 
Location: Bristol, CT
88 posts, read 183,621 times
Reputation: 61
I bought it kind of low, and I think it's atleast worth $5k more now. Also, I plan to keep the condo for a long time...to rent out when I'm ready for a house. But I was mainly wondering if it would be possible to refi only several months after buying the place...
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