Posted on: 16th Sep, 2010 08:06 pm
we are trying to refi our first and second mortgage, the second is a heloc. the bank told us that you cannot refi the heloc because it was taken out less than a year ago, and we would have to wait until the 12 motnhs is up. that was the only thing holding the loan back. is there a regulation, state or federal, that mandates such a thing?
hi michelle!
welcome to forums!
it is general rule that lenders will not refinance a mortgage unless 8-12 months have passed since you took out the loan. thus, you'll have to wait for the said time period and then refinance your mortgages.
feel free to ask if you've further queries.
sussane
welcome to forums!
it is general rule that lenders will not refinance a mortgage unless 8-12 months have passed since you took out the loan. thus, you'll have to wait for the said time period and then refinance your mortgages.
feel free to ask if you've further queries.
sussane