Can I refinance after only 3 months?
My credit is less than perfect so I had to take out two mortgage loans to buy my house — I didn’t have enough for a down payment.
My house was appraised at $ 15,000 more than what I paid for it. I’m paying a pretty high rate – 8.25% for both loans. I’m wondering if I can get a refi large enough to lower my payments with enough left to do some small home renovations and pay some bills? My credit rating is much better than it was when I bought the home but it’s still under 700. I’ve lived there for 3 months and don’t plan on moving for at least five years if not longer — is this too soon to look for a refi?
Thanks in advance!