2007-01-08 05:47:41 · 6 answers · asked by skippy 1 in Business & Finance ➔ Renting & Real Estate
Technically, you can refinance the day after you close escrow (ownership transfers to you) on the property. However, some mortgages have pre-payment penalties. These penalties can cost you a few thousand dollars if you choose to pay off (which is in essence what you are doing) the loan. By re-financing, you are paying off one loan and starting a brand new loan. So if you fully intend to re-fi as soon as you get into a home, or within the first couple years, you need to make sure that your initial mortgage does not have a pre-payment penalty.
2007-01-08 05:57:07 · answer #1 · answered by whatever 3 · 1⤊ 0⤋
Hi there,
You can usually refinance immediately with some restrictions. If you have moved in to a home that had a sales price of $200,000 for but you know it appraised for $280,000 you will have to wait 6 month to used the APPRAISAL price. Prior to that most lenders will only go by the sales price.
There are probably a few out there that will waive the seasoning requirement but I am sure that it will be at a price - e.g higher rate.
My advice is to try and wait the 6 months. Good luck!
2007-01-08 15:06:04 · answer #2 · answered by EmmaHersh 2 · 0⤊ 0⤋
You could refinance 1 day after the last loan closes, however, most banks like to see 6-12 months.
2007-01-08 14:07:09 · answer #3 · answered by ramman 4 · 0⤊ 0⤋
Some lenders allow "no seasoning" on refi's. Basically, the very next day. Check with a mortgage broker in your area for further details.
Best of luck.
2007-01-08 13:50:22 · answer #4 · answered by David 3 · 0⤊ 0⤋
6 months.
2007-01-08 13:50:14 · answer #5 · answered by horsegal08 2 · 0⤊ 0⤋
Basically, the very next day after you close on the purchasing of it.
2007-01-08 13:53:56 · answer #6 · answered by KL 5 · 0⤊ 0⤋