Financing in Portland>Question Details

Slavery, Other/Just Looking in Portland, OR

I just changed my mind about moving after having my house on the MLS for about a month. Will any lenders work with me to refinance?

Asked by Slavery, Portland, OR Thu Aug 12, 2010

I have excellent credit, want no money out, and have home equity and I do not plan on moving in the next year or two. The bank holding my current mortgage and the first lender I spoke with said that I have to wait 4 mo and 6 months. Where can I find a lender who will refinance now?

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Mark Aalto’s answer
Based on the various answers that you are seeing, I think it's going to come down to what amount of equity you have in the property. If you have little to no equity FHA is a good choice. If; however, you have 10% or more equity you'll want to look at conventional financing. From the looks of things, there are more players now in the market that will do conventional financing even when the property has been on the market recently. Good luck to you. Looks like you have some options.
0 votes Thank Flag Link Thu Aug 12, 2010
I have at least 3 that will lend with 1 day off the market.
0 votes Thank Flag Link Thu Aug 12, 2010
The question is if you refinace will the savings be enough to cover the costs for 1-2 years if not then you really have to decide what is the reason to refinance? A lower payment, better interest rate go to a 15 year loan, these are the options. If the value of the house you think is higher than what it will sell for you might be surprised at where the comps come in and the value is just not there right now for for the next couple of years. The banks are tight on refinancing the values that sellers think their homes are worth. Good luck to you. Give me a call if you would like a lender referral.

Tom Inglesby,Broker
RE/MAX Equity Group inc
0 votes Thank Flag Link Thu Aug 12, 2010
Try Teresa Bean at Edgewater Funding, Inc. She is handling a lot of re-fi's Her phone number is 503-679-4433 Please tell her Wes referred you to her.
0 votes Thank Flag Link Thu Aug 12, 2010
I am so happy to see the lenders responding to you. In the Grants Pass area -as long as the home is off the market a lender will begin the refinance the following I dont know why Portland should be any different. It should be a good refi for you and the interest rates are great right now - so you chose a great time to refinance as far as I can see. Best of luck and get it done!!
0 votes Thank Flag Link Thu Aug 12, 2010
I know of one lender who will refinance a house 1 day off the MLS, but you had better be prepared to have the house appraise for less than you were hoping to sell it for, and even have the lender severely scrutinize that appraisal in addition.

the standard with fannie/freddie loan products is to wait 90 days before you can initiate the process for a refi (some lenders require 120 days).

Rates are stunning right now, so its not a bad idea to try and get this thing happening in the now. Check out my website for the easy next steps on how to instigate the process.

Good Luck!
Web Reference:
0 votes Thank Flag Link Thu Aug 12, 2010
We can help. As long as the listing is either cancelled or withdrawn, we should be able to help you without having to wait 4 months. Feel free to email us if needed.
Good luck ! Geoff
0 votes Thank Flag Link Thu Aug 12, 2010
It depends on what you are trying to accomplish. If you provide an explanation of the circumstances involved and proof that the home is no longer on the market FHA is a program that will work. Depending on your situation, FHA may not be the best loan program but it is one program that will work based on the information you have given. Most conventional programs will require the home to be off the market for 6 to 12 months.

One of the biggest questions that your lender will have for you is whether you are trying to get cash out - if you are doing a cash out refinance you'll have to wait for 6 to 12 months - even with FHA.

Good luck!
0 votes Thank Flag Link Thu Aug 12, 2010
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