Can I refi right after I purchase?
I buying a house with 10% down and my current home will be sold 60 days later. Is that too soon to refi? I will have a good amount of money to put down after that by duck.hunt87650 from Bloomingdale, New Jersey. Oct 20th 2017
Brandon Humrick (bhumrick@loanservices.com)
#1430 ranked lender in California - 4 contributions
You many not need to. A little-known strategy, called "recasting," or "re-amortization," is available through some mortgage lenders and servicers. It involves paying off a lump sum of the principal amount and asking to have the monthly payments reset according to the original interest rate and loan terms.Brandon Humrickbhumrick@loanservices.com559-709-1180NMLS Lic # 333337
Corey Gee (cgee@perennialfunding.com)
#92 ranked lender in Pennsylvania - 22 contributions
You can refinance without an issue if you the terms are favorable for you. Re-cast is an option as well if your lender will allow for it. What type of loan are you in? Conventional, VA, FHA, other? I'm happy to work up some options for you if you'd like. Please feel free to contact me at 610-233-0098 or cgee@perennialfunding.com
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Yes.. but if you refinance inside of 6 months, then you will need to pay for another appraisal, and you will be subject to the lower of the current (new) appraised value or the original appraised value.. after 6 months, they will go by the new appraised value.. this shouldn't matter if you are looking to put a large amount of funds down.. Recasting is an option, but with 10% down, you are paying mortgage insurance.. even if you recast, you will still be required to leave the MI in place.. so it would be better to refinance to make it go away.. (assuming you will be putting an additional 10% down or more).. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893
Paul Sheridan (paul@njlendingsource.com)
#20 ranked lender in New Jersey - 17 contributions
Yes. But within 6months your purchase price will be used for the home value. after 6 mos a new appraisal can be used for the new value. I'm local here in NJ. Call me anytime with question or to run rate and payment scenarios. You can also check us out online www.NJLENDINGSOURCE.com or call 732-359-6002
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