Refinance in 30 days

[tigersfan2222]

We just purchased a home and our mortgage broker said we could refinance in 30 days. I need to know how that works. We need about $10,000 to pay off some bills. I want to either get cash to pay off bills, or for all my bills to be combined in one payment along with my mortgage payment. Is that possible? Do they go on how much your home is worth?

Thanks for any help!

[jersygrl]

Some lenders go by the appraised value but many go by the purchase price that you purchased the home (since it was so recent that you purchased) Did you purchase with 100% financing? Then you will need to find the lenders that go by the appraised value. Since it sounds like this is your primary residence it may be easier to do. If you guys were satisfied with what the broker did the first time around go back to him since he suggested it he may know of a lender. Shop it around so you know you are getting a good deal. Make sure to tell the lenders you just purchased when getting a prequal - it will make a difference to what programs you qualify for. You may want to consider a fixed rate second mortgage - the rate may be a little higher than a home equity loan but at least you know its not going to change on you. I may be able to help if you are in Florida.

[bahamacek]

Get your house appraised from an independant appraiser asap, then find a new mortgate broker who will acually walk you through the steps, not one that leaves so many questions in your mind. A refi can actually take less than 2 weeks if the appraiser is on the ball. Btw, appraisals are good for 6 months if you decide not to refi for a while longer.Good Luck

[viptoys2007]

Please whatever you do .. do not take out any funny loans that could jeopardize your home... If you have good enough credit to buy a home you probably have good enough credit to apply for a credit card... I suggest applying for a new credit card (shop around for a low interest card.. advanta is good) and put it all on the card then just pay off that one card.. please if you have halfway decent credit don't ever use your home as a pledge for security .. I cant tell you how many people are going into foreclosure over the same type of thing.. also if you decide to sell your home .. you will have very little equity and you may have to ask for a higher sales price than other homes in your market which could prevent you from selling in a timely manner.

[Tadow]

1. I really don't think you can refi directly after a purchase like that. (30 days?) unless you got a hard money loan to buy it.2. If you do have a short term loan and you go to cash out refi right now, it's certainly going to cost $10,000 after all is said and done to do it. You've already paid costs to purchase and now you're going to pay costs again.Doesn't sound like you all this cashing out is worth it to me. If you have enough equity, just get a no-cost HELOC (line of credit) or something like that.

[scott742]

your home would have to have appreciated 10K, or you put down 10K when you bought the home, or you bought the home for 10K under value. You'll definitely want the bills to be paid through the loan, and not cash in hand. Tendency to use money for other purposes will arise!! Plus your Debt-to-Income (DTI) Ratio will decrease.

[daisymae]

Is it the same broker you used when you bought the home? Just make sure he/she is trustworthy and knows what they are doing! Have you read the fine print on your current mortgage...like are there any prepayment penalties or other fees. You should also consider the fees that the refinancing may cost you, espeically since you probably just paid at least a few thousand for closing costs! Make sure to check all your options first! Like you may perfer a line of credit or home equity loan instead.