Posted on: 13th Aug, 2009 05:57 pm
i have been told that in texas you cannot refinance you home if it has been on the market for sale until it's been off the market for 6 months. is this true?
Thats not correct.
I am not sure who is telling you this information
I am not sure who is telling you this information
hi rick,
i believe what you have been told is correct. most lenders would want the house to be taken off the market for a certain period of time before offering a mortgage or a home equity loan. the house is the only gurantee for the lenders that they will be able to recover the loan amount. if the lender knows that you are not going to own the property for long, they will never want to give you a loan. the time period for which the property needs to be taken off the market before financing, depends on a particular lender. some may want the house to be off the market for 6 months, while others may be satisfied with 3 months or less.
i believe what you have been told is correct. most lenders would want the house to be taken off the market for a certain period of time before offering a mortgage or a home equity loan. the house is the only gurantee for the lenders that they will be able to recover the loan amount. if the lender knows that you are not going to own the property for long, they will never want to give you a loan. the time period for which the property needs to be taken off the market before financing, depends on a particular lender. some may want the house to be off the market for 6 months, while others may be satisfied with 3 months or less.
Thats very interesting
Thank you for correcting my assumption
Thank you for correcting my assumption