Financing in 10031>Question Details

Commercial B…, Home Buyer in New York, NY

how soon after buying a home can you refinance the mortgage?

Asked by Commercial Building Seeker, New York, NY Wed Dec 14, 2011

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I just noticed your name, if you're buying commercial property, I would read over your financing documentation again. Most commercial deals that I've seen carry steep pre-pay penalties immediately after closing.
1 vote Thank Flag Link Wed Dec 14, 2011
Depends, therefore consult with your lender, and or any licensed loan officer, for an answer as it applies to your specific situation.
0 votes Thank Flag Link Wed Dec 14, 2011
It will really depend on the type of refinance you want, whether you have a pre-payment penalty and the rules of the mortgage lender you choose.

You will want to check for a pre-payment penalty as your first step.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
0 votes Thank Flag Link Wed Dec 14, 2011
It depends on he terms of your loan, some right away others after a specified period of time. You should check with your loan officer for clarity.

0 votes Thank Flag Link Wed Dec 14, 2011
Why would you want to do that?
Did you not get the best loan you qualified for the first time?
Do you think that you will get a better rate this time?
Good enough to offset the considerable expense of getting another loan?

The answer to your question is: It depends.

Good luck and may God bless
0 votes Thank Flag Link Wed Dec 14, 2011
It depends on the lender primarily but you could potentially start a refinance the day after you close. Your current servicer may not do it immediately but someone else will.

Why are you trying to refinance so soon? Did you lock many months ago when rates were higher?
Web Reference:
0 votes Thank Flag Link Wed Dec 14, 2011
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