Posted on: 11th Aug, 2010 08:02 pm
i am looking at a home for $140,000, the owner has agreed to a purchase price of $130,000 with the possibility of financing the home himself with a $30,000 down payment. my question is: how soon can i apply for a refinance loan? (i have good credit and a verified income from social security of $1245(tax free) plus my job. also , cash reserves if necessary. thanks
Each bank will have different guidelines as to how long you can wait to refinance after a purchase. Expect to wait at least a few months.
Hi pephyll
If you have put good amount of down payment (25% +) while purchasing the property,and have a good credit,you can expect within 9 months you could be able to refinance the mortgage.
But again it differs from lender to lender and if you are a loyal customer of the bank (it means you are using bank's multiple products for years with good track payment history) it won't be having any problem to get the refinance deal.But again you should be able to convince your bank for hardship in paying the current mortgage in order to avail refinance.
DIPA
If you have put good amount of down payment (25% +) while purchasing the property,and have a good credit,you can expect within 9 months you could be able to refinance the mortgage.
But again it differs from lender to lender and if you are a loyal customer of the bank (it means you are using bank's multiple products for years with good track payment history) it won't be having any problem to get the refinance deal.But again you should be able to convince your bank for hardship in paying the current mortgage in order to avail refinance.
DIPA
