2007-01-06 09:53:56 · 5 answers · asked by sin_cere33 1 in Business & Finance ➔ Renting & Real Estate
You can start the refinance process when you walk out the closing, although, that would not be a good idea. Most lenders won't consider your refinancing until after 6 months.
If you are talking about a new purchase you want to wait one year and one day. This is because lenders look at your purchase price as a comp in the new appraisal for the new loan. You will only be able to finance according to the value of the purchase price regardless if the real estate appraises for more in the first year. If not a purchase and just a refinance and you are not happy with the mortgage you can back out of the mortgage if it is less than 72 hours and go to another lender.
This question actually don't have enough information to answer properly.
Good luck with your adventure.
Michael
2007-01-06 10:07:33 · answer #1 · answered by Bestbank Real Estate 3 · 0⤊ 0⤋
In this case its more about money than tiime. If the value of the home rises even in the first month you could refinance. If you were to take a loan of 80% of the value and then switched to 90% you could refi. Find the best rate but watch out for hidden costs like appraisals and loan origination fees.
2007-01-06 09:58:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you want, you can refinance immediately after the closing.
All you are doing is switching one mortgage for another, and that is not predicated on how long you've owned the house.
But I do have a question...
Why are you asking?
Despite what mortgage lenders tell you, there aren't that many reasons to refinance, and there are even less advantages.
2007-01-06 10:02:21 · answer #3 · answered by LongSnapper 4 · 0⤊ 0⤋
At least three minutes.
Seriously, there is no time limit for refinancing your home.
2007-01-06 09:57:13 · answer #4 · answered by Stuart 7 · 0⤊ 0⤋
You can refi as soon as escrow closes.
2007-01-06 09:58:37 · answer #5 · answered by Sharyn 5 · 0⤊ 0⤋