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Francisco Said:

Is Immediate Refinance an option?

We Answered:

I am a Senior Mortgage Officer. You have every right to refinance whenever you want. Here are a couple of things to consider:
You may have just paid closing costs on the loan you just closed unless your seller paid them. You will have closing costs on the new loan so you could risk paying them twice.

You may have a prepayment penalty on the loan you just closed. If so, these can often be steep charges ranging anywhere from 1% of the balance of the loan to as much as 6 months of interest.

If you can eliminate the PMI without it costing you too much upfront, I would suggest doing it. It is basically a junk fee that only benefits the bank you're paying it to. The insurance itself provides no benefit to you. It is a policy the bank requires to pay them in the event of a foreclosure short sale.

Jessie Said:

Paying 13% mortgage interest what can I do now? Where can I refinance?

We Answered:

Though refinancing your home loan to get extra cash and pay off your credit card debt might be a good idea. It is not the best solution. This serves best the credit card interests and not yours. Because even if you get your debt settled and eliminate it for good, if you don't change the way you spend, you'll keep accumulating debt once again and maybe next time you won't be able to resort to your home equity. Read more about it at: http://www.credit-card-gallery.com/artic…

Bobby Said:

Buying a house: Tips on getting a lower monthly mortgage payment?

We Answered:

You would want to have decent credit, stable income and some money available for a down payment, the larger the better of course. There are other options for getting a mortgage if you have bad or low credit or even a reverse mortgage. Check out http://www.mortgagefigure.com for more information and articles about obtaining a mortgage.