Should I refinance early or wait?

Question

My 2yr arm is ends in December? Can I refianance now? And If I do refinance now will I get penalyzed for doing it before December?

Answer 1

Unless you have agreed to pay a prepayment penalty, it wouldn't matter.  Refinancing is expensive. Wait and see what your new rate is.  Refinancing may not be the best option.

Answer 2

Depends on what state you live in and what the documents you signed say, but most do not assess pre-payment penalties. If you have the financial wherewithal to afford it, by all means do the refinance as soon as you can. Good luck.  

Answer 3

You should modify your loan. I did with the american modification agency, i got a lower rate and caught up on my 2 missed payments without the cost of a refinance! theres no closing costs, appraisel fees or credit checks! it was litteraly the best thing i ever did to save me from going broke payin my mortgage everymonth with no money left over! my agents name was dave shevlin and his email was [e-mail] get in touch with him see if he can help you out too it cant hurt