Laina Regan Kaplan's Blog
If you have just purchased a home, you have the option to refinance your home soon. Just because you can refinance your home doesn’t mean that you should. How long you should wait to refinance your home depends on a few things including:
- Your refinancing goals
- The rules of your lender
- If your mortgage has a pre-payment penalty clause
Your goals for refinancing are among the most important things when considering whether to refinance. Lenders typically won’t refinance a loan that you have secured in the last 120-180 days, so if you’re looking to lower your monthly payments, you may have to shop for a new lender.
The Type Of Loan You Have
If your financial situation has changed, it may be smart to change the type of loan that you have. Oftentimes, changing the rate and the terms of the loan can give you the extra freedom that you need for your loan and your life.
Pay Off Your Mortgage Faster
If you do a cash-in refinance, this could be a smart way for you to build equity for your financial future and help you to secure a lower rate for your mortgage. Keep in mind that FHA loans are a bit different when it comes to paying down your mortgage. The FHA streamline program requires that you wait a minimum of 6 months before you refinance.
Before you refinance your home, you’ll need to double-check to ensure that your mortgage doesn’t have a pre-payment penalty. If you do have one of these clauses included in your loan agreement, you should consult your lender to make sure that refinancing is a smart move for you.
Every lender has different rules as to how quickly you can refinance your mortgage. You may also need to meet certain qualifications in order to go ahead with the refinancing.
As tempting as it can be to try and get a lower mortgage rate, you may want to hold off on refinancing for a variety of reasons. Remember that every time you refinance your home, you’ll need to pay closing costs and other fees. While it may be a savings in the long term, it could cost you some up front cash.
The best course of action is ideally to shop for a lender and a mortgage rate that will suit your needs from the beginning. While no one can completely predict a changing market, you can shop around and find the right rate and loan for you at the time.
MondayToday is pick-up day. After the weekend your home is likely to have a lot of things laying around out of place. Do a quick tidying up in each room of your home. That includes: picking up clothes, clearing off tables and surfaces, and putting away any children's or pet toys that might be on the floor.
TuesdayDusting. With your duster in hand, run through each room of your house hitting all of the surfaces. Grab a microfiber cloth for things like TVs and computer screens that might have fingerprints and put it in your back pocket. In your other pocket, keep a lint roller or lint brush for your sofa, bed, chairs, etc.
WednesdayFloors. Get out your Swiffer, mop, vacuum cleaner and whatever else you use to clean the floors of your home. Sweep each room into a pile, starting from the walls and working your way in. Once all rooms are swept, grab your dustpan and pick up each pile. From there you can run your Swiffer or mop through your rooms with wood floors or tile. Finally, vacuum any carpets or rugs you have.
ThursdayKitchen day. Mix some white vinegar and water, toss in a few drops of lemon or lime juice, and you've got an all-purpose kitchen cleaner that's free of any harsh chemicals that you don't want going near your food. For areas that need to be scrubbed, like your sink or countertop, sprinkle some baking soda down after you spray the vinegar solution. Once you're done, tuck your spray bottle and baking soda within reach under your sink--you'll need it again tomorrow.
FridayBathroom day. There's no denying it--it's the worst room in the house to clean. But, think about how you'll have the next two days off from work and cleaning and you'll have the motivation to get through it. First, go grab your rubber globes, vinegar spray, and baking soda from yesterday. Today, you'll need them for the sink, tub, and toilet. Other useful items to keep for cleaning your bathroom: an old toothbrush for scrubbing tile grout and baby oil for polishing the chrome on your sinks. Follow this schedule and you'll be on your way to cleaning the whole house in just 5-10 minutes per day so you don't have to dread those marathon cleaning days.
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10 Debra Ln, Bellingham, MA 02019