Home Buying in Portland>Question Details

Jerry101, Home Buyer in Portland, OR

Can I streamline refinance my property and buy another property in less than 12 months?

Asked by Jerry101, Portland, OR Tue Dec 11, 2012

I currently reside in Bend, OR and have been looking to refinance my property to decrease my interest rate. However, I am concerned about having to commit to live in my property for 12 months due to my job situation. I am currently self-employed and have been struggling to make ends meet. However, I just finished nursing school and have been thinking about relocating to Portland due to not finding a job here in Bend. Would it be considered mortgage fraud if I relocated due to a new job? Also, would I be able to buy another property in less than 12 months if I relocate? I wonder if underwriters would frown upon that?

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Tom Inglesby’s answer
On your mortgage application it will ask you if you will reside in your home after closing. You need good credit if you want to lower your payments with a refinance? Talk to a lender in Bend. You might have a problem with your home appraising if you bought in the last 7 years so that is another consideration along with the cost to refinance. There are some new programs that let you refinance at a very low cost. Good luck to you.
Tom Inglesby, Broker
ReEMAX Equity Group
0 votes Thank Flag Link Wed Dec 12, 2012
That is a tough call. Its like is it premeditated or not? The best thing to do is to speak with a lender you will be working with and throw those questions at them before you get into doing the full refinance. They will be best to give you the answers.
0 votes Thank Flag Link Tue Dec 11, 2012
You have two issues, first is the home you currently own in Bend. If your intent is to try and stay in in the area then a lower rate and payment would be a good option for you. Before a lender can know if this will for you or not we need to know about your credit history and your mortgage payment history, as this can affect the ability to refinance your current home.

Your other issue of relocating to Portland is going to be based on when you move, and what you know at the time the last loan was done. What I mean if your plans are to move in the very near future, then your home in Bend is going to cause the lender to look at what are you going to do with the home and can you afford 2 mortgage payments if the home is not sold.

It is best to let a lender know your plans and help you make good choices, by the way this is a great question and is an issue many relocation buyers ask.

If you have additional questions please feel free to contact me at 800-318-4571
0 votes Thank Flag Link Tue Dec 11, 2012
I am a real estate broker so my expertise is in helping people to buy and sell real estate. Your questions would be best answered by a mortgage expert. I have one who is excellent and could help you with just a phone call. Her name is Bev Liesy, Mortgage Express. You can reach her at her office at: 503-353-8977 or direct at 503-475-8125. When you're ready to buy, I would be happy to help you.
0 votes Thank Flag Link Tue Dec 11, 2012
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