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How soon after buying a home can you start the re-financing process?

Asked by Trulia Philadelphia, Philadelphia, PA Wed Nov 28, 2012

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Sheri Curci’s answer
Depending on the equity your have on your newly purchased home?...... as soon as the deed gets recorder ay the County Seat.

All the Best John+ Sheri RE/MAX

Go easy..... check your closing cost on the re-fi
Web Reference: http://www.HomeCatch.com
0 votes Thank Flag Link Sun Dec 2, 2012
BEST ANSWER
You can start the Re-finance process as soon the deed and existing mortgage have been recorded.

I sugguest you contact a reputable lender to confirm the costs and determine if it is cost effective to do so. However, if you have renovated or made other significant improvements that have improved your equity there may be a good solid reason to re-finance so as to eradicate PMI for example.

Good Luck.

Bob Weiss
Broker/Owner
Coldwell Banker Hearthside Realtors
215-379-2002
0 votes Thank Flag Link Wed Nov 28, 2012
If it is a cashout, you have to wait 6 months to refi with a conventional loan. You can do cashout up to an 80% Loan to Value(LTV) with no mortgage insurance.
0 votes Thank Flag Link Thu Dec 6, 2012
The answer to that question depends on the type of mortgage (if any) was used to purchase the home. If a mortgage was obtained for purchase then you would need to ask your mortgage institution that question. If cash was used to purchase depending on which company you use for the refinance the time of ownership of the property may range from a miniumum of 1 to 2 years
0 votes Thank Flag Link Thu Nov 29, 2012
Right away but......it depends how much loan to value you want.

Your loan after closing is refi and not a purchase. There are rules about how much you can do and that you will pay a higher rate for any PMI.

Contact a mortgage professional WAY in advance for details on your particular situation.

Fred Glick
NMLS#133975
Web Reference: http://usloans.com
0 votes Thank Flag Link Wed Nov 28, 2012
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