We just bought our home, but have found a lower rate. How long do we have to wait before we can refinance our loan?
You can refinance immediately. To assist in this consideration, calculate the interest you will spend on the current loan. Next calculate the closing costs of a new loan, plus any prepayment penalty and the interest you will pay on the new loan. Initially the existing loan will be less expensive because the closing costs are already paid, but as the months go on, the lower rate on the new loan will show an advantage. When these two numbers meet you are at a break-even point. After that the refinanced loan would be to your advantage. If you think you will still own the house at that point, a refinance makes fiscal sense.
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You can refinance immediately. To assist in this consideration, calculate the interest you will spend on the current 