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seo_guru · 10-31-2007, 02:09 PM

Nope, not at all as long as didn't get some ripoff subprime loan with a prepayment penalty.

DPG · 10-31-2007, 02:09 PM

Yes your son can refinance his mortgage even before the rate kicks after 2 years.

However, if your son has PRE-PAYMENT PENALTY for two years, He needs to pay the penalty if his going to refy w/ in less than 2 years,

If your son doesnt have PPPenalty, well its good, the lender wont charge him of any penalty. But as per my experience most ARM's now has pre payment penalty, and usually its 10% of the loan amount, but still depends on the contract if how much the prepayment penalty is. Just read the contract just to make sure about the prepay.

Be carefull when refinancing because there's a lot of Brokers who are not licensed and they all say they can help you get a lower rate and lower your payment drastically but in the end, you will noticed that there's a big difference in the rates that they've promised, sometimes they will quote you lower rates but the TRUTH was its really high. So be carefull.

FYI. Make sure that your son will not permit anybody to run his credit, because everytime you run your credit, it loses FICO SCORE.

Only give permissions to run the credit to LICENSED LOAN OFFICERS OR TO DIRECT LENDERS ONLY not to BROKERS. Or he can run his credit himself, go online, but im not sure about the site, run his credit there and make sure he has a printed copy afterwards, so when your son will go on shopping for the rates, at least he has black and white copy or his credit reports(fico) the lenders/LO doesn't need to run his credit over and over again.

10-31-2007, 02:09 PM	#11
seo_guru Greenhorn Join Date: Jul 2006 Posts: 30 Rep Power: 6	Can you refinance your mortgage after living in a condo for only two years? Nope, not at all as long as didn't get some ripoff subprime loan with a prepayment penalty.

10-31-2007, 02:09 PM	#12
DPG Greenhorn Join Date: Jul 2006 Posts: 10 Rep Power: 0	Can you refinance your mortgage after living in a condo for only two years? Yes your son can refinance his mortgage even before the rate kicks after 2 years. However, if your son has PRE-PAYMENT PENALTY for two years, He needs to pay the penalty if his going to refy w/ in less than 2 years, If your son doesnt have PPPenalty, well its good, the lender wont charge him of any penalty. But as per my experience most ARM's now has pre payment penalty, and usually its 10% of the loan amount, but still depends on the contract if how much the prepayment penalty is. Just read the contract just to make sure about the prepay. Be carefull when refinancing because there's a lot of Brokers who are not licensed and they all say they can help you get a lower rate and lower your payment drastically but in the end, you will noticed that there's a big difference in the rates that they've promised, sometimes they will quote you lower rates but the TRUTH was its really high. So be carefull. FYI. Make sure that your son will not permit anybody to run his credit, because everytime you run your credit, it loses FICO SCORE. Only give permissions to run the credit to LICENSED LOAN OFFICERS OR TO DIRECT LENDERS ONLY not to BROKERS. Or he can run his credit himself, go online, but im not sure about the site, run his credit there and make sure he has a printed copy afterwards, so when your son will go on shopping for the rates, at least he has black and white copy or his credit reports(fico) the lenders/LO doesn't need to run his credit over and over again.

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