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Mortgage Community Forums | Loan Talk for First Time Home Buyers | refi in less than a year

refi in less than a year

Posted on: 26th Mar, 2009 08:06 pm
Can you do a refi without cash out having lived in a primary residence for less than a year? I am getting mixed answers to this one from lenders, so am quite confused. Any help would be appreicated, complete with legal reference so I can use it to back up my the position.
welcome d,

you'll have to wait for at least a year in order to refinance the property. as far as i know, lenders would not be ready to refinance the mortgage prior to that.
adonis
Posted on: 26th Mar, 2009 11:53 pm
I am on line now!
Anonymous
Posted on: 27th Mar, 2009 06:23 am
This is not true, I am currently refinancing having bought in July.
Anonymous
Posted on: 27th Mar, 2009 08:14 am
Some banks allow only 6 months seasoning as opposed to 1 year. However, you can expect them to use the LESSER of the two to determine the property value...

1. Purchase price a few months ago
2. Current appraised value.
eric1
Posted on: 29th Mar, 2009 07:19 am
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