How soon after purchasing my home with a balloon mortgage, can i sell it or refinance?

If you look at the details of your "Note", it should specify if there are any pre payment penalties.. I'm gonna guess and say you don't have "Conventional or Conforming" type financing, as no one offers this type of product except seller financing and hard money lenders.. Keep in mind that if you do refinance, there will be a few things that you need to be aware of.. First, the home will be appraised.. Most private sales are sold at a higher then market price.. So if you have seller financing, you're probably paying more for the home than it's worth.. And you new loan will be based on the appraisal that the new lender orders.. Also, the title seasoning is very important.. Some lenders will have a problem if the property has been transferred multiple times in the last year.. That shouts "Red Flag" to most lenders.. if you haven't purchased the home yet, and you qualify for traditional financing, you should probably go that route... it will be much less headaches and hassles.. if you have already purchased this place, then the best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

We need some details from the contract you have. Give me a call and we will give you a final answer and identify the lowest rate and fees available that will eliminate the concerns you have with a balloon. Mark 800-485-1387 Extension 107

you need to look at your deed of trust to see what is written regarding this .. some lenders will add certain items, not so much anymore ,but they figured that no one really read the deed of trusts.. i was a signer for a title company, and the borrower i was signing , was legally blind, so i had to read line by line , for his 1st and 2nd mortgage.. if you have your deed of trust, i can walk you thru it ... linda 602-330-1598 or email me at yourloanpartnerforlife@live.com

You'd need to own it at least 6 months to refi & one year to sell if you want to use the appraised value instead of the purchase price

They say "The Devil is in the details". In this case it's in the Note. If your loan has any pre-existing conditions about an early pre-payment, this is where you will find them. Generally, first mortgage loans with a balloon payment are issued by a non-traditional lender. Also, generally, they want to make sure they earn a proper return on their investment, therefore, it is very likely that there is some form of pre-payment penalty in your note. Make sure you read this very thoroughly. If you are thinking about refinancing, Contact a local Mortgage Banker/Broker and take the note with you. Don't use one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

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