Robert Woehrle REAL ESTATE UPDATES
		REFINANCE READY: HOW SOON CAN YOU RESTRUCTURE YOUR MORTGAGE? WHEN CAN YOU REFINANCE A MORTGAGE It depends on your loan type and the kind of refinance you want. Some loans let you refinance right away. Others make you wait, a process called "seasoning."  WHY PEOPLE REFINANCE Refinancing can save money or help you reach financial goals. Here are the most common reasons: Lower your interest rate and monthly payments Shorten your loan term, like going from 30 years to 15 Switch between adjustable and fixed-rate loans Borrow cash for renovations or big expenses Settle a divorce or remove someone from the loan Remove private mortgage insurance (PMI) once you have enough equity   Financing a new home? Here's how   Here’s what you need to know to confidently finance your next home. CONVENTIONAL LOANS You can usually refinance anytime, though if you're staying with the same lender, they might ask you to wait six months. Cash-out refinance: You must own the home for at least 12 months, unless you inherited it or got it in a divorce. FHA LOANS Cash-out refinance: You must own and live in the home for at least 12 months. The loan must be at least six months old, and your payments must be on time for the past year. Rate-and-term or simple refinance: No official wait, but your lender might require some seasoning. You must be current on payments, with no more than one late payment in the last six months. Streamline refinance: Your current FHA loan must be at least 210 days old. You need to have made six on-time payments, with no more than one late payment in the six months before that. VA LOANS Whether you’re doing a VA IRRRL or a cash-out refinance, the loan must be at least 210 days old or have six payments made, whichever is longer. USDA LOANS Streamlined or non-streamlined refinance: You must be current on payments, with no late payments in the last 180 days. Streamlined assist: All payments must have been on time for the past 12 months. JUMBO LOANS There’s no set rule for refinancing. It depends on the lender’s guidelines since jumbo loans aren't backed by government agencies. Timing matters when refinancing. Know your loan type and meet the seasoning rules. Your real estate professional can provide additional insights and also connect you with a preferred lender.								DID YOU KNOW?         The world's largest pumpkin pie was made in New Bremen, Ohio       12766 Mockingbird Lane

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		Robert Woehrle  415-287-9100 [email protected] eee2