Planning to Refinance Your Mortgage Loan?

If you are planning to attempt refinancing your mortgage loan and have your home on the market, you may be surprised that your lender will not be as willing to help as you think.  If you have had your home on the market less than six months ago, most lenders will not bother to help you refinance and will tell you to check back when six months has passed.  The frame of thought behind this is they will only help homeowners refinance their primary residence, not investment or second homes.  If you show that you have recently tried to sell it, they think you are not using the home as your primary residence any longer.  We all know that lenders are being very careful these days and going through the underwriting process of reviewing a loan application is costly.  Of course, not every lender will require that you wait six months so I would recommend shopping around so you don't miss out on a great interest rate that could save you hundreds in your monthly payment.

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