Refinancing a house?

Question

How soon can you refi a house after you buy it in CT?

What I would like to do is buy a house for 150K which is worth 250K and refi to include my monthly debt ie car payments and credit cards

Answer 1

Most lenders require anywhere from 6 months up to 12 months of seasoning on the home before they will allow you to use the appraised value instead of the purchase price when you are refinancing a home. There are less lenders who will allow only 4 months seasoning and very few who will let you refinance immediately after and use the equity that is in the home. A few years ago it was not this way, but with foreclosure rates soaring and a tough real estate market lenders have tightened up their guidelines. Your best bet is to contact your local bank (for an equity line of credit to access the equity in the home) or to talk with your credit union (if you are not a member I would seriously consider becoming a member as they usually have loose guidelines for lending)Read below for more information on seasoning.

Answer 2

Hey there,
You can refi right away! As long as you dont have a prepayment penalty. If your interested I refi CT people all the time and am fully licensed in CT. I can tell ya exactly what it will entail. Give me a cell on the cell 508 496 1095 . Sounds like ya could make some good money on this deal....

Answer 3

Ummm...do you REALLY expect to find a house you can buy for $100K less than it is worth ?

That being said, most mortgages these days have pre-payment penalties, simply due to folks who try to do exactly what YOU are doing. Many of them charge a hefty penalty if you pay out (close or refi) in less than two years. If you CAN find this dream property, choose the HELOC route on the difference in equity.