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Home > Archive > Mortgage Discussion > July 2005 > refinancing
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| _______ 2005-07-24, 9:04 pm |
| Hi
I just brought a house in Long Island NY last Nov, so I've been in there
less than 12 months. Can i refinance now or do I have to wait till I've been
in there over a year?
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| Rainmaker 2005-07-24, 9:04 pm |
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"_______" <xxvze3qtgix@verizon.net> wrote in message
news:k3UDe.21291$ij3.18463@trndny06...
> Hi
> I just brought a house in Long Island NY last Nov, so I've been in there
> less than 12 months. Can i refinance now or do I have to wait till I've
> been in there over a year?
>
> --
> remove xxx from email to reply
If the house was new construction you can probably refi now with a new
appraisal; if you bought a re-sale, most lenders will require you to use the
purchase price.
Consider an equity line if you're looking for cash.
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| Alexander Glover 2005-07-24, 9:04 pm |
| If you're just looking to get out of debt early and save money, call your
local Primerica office. Tell them what you need and they will help you.
"Rainmaker" <brigadoon_8at@junodot.com> wrote in message
news:11e18rh780fik19@corp.supernews.com...
>
> "_______" <xxvze3qtgix@verizon.net> wrote in message
> news:k3UDe.21291$ij3.18463@trndny06...
>
> If the house was new construction you can probably refi now with a new
> appraisal; if you bought a re-sale, most lenders will require you to use
> the purchase price.
>
> Consider an equity line if you're looking for cash.
>
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| Jeff Strickland 2005-07-24, 9:04 pm |
| Yes, you can refi now. The trouble is that some lenders will want to use the
orignial sales price for value, and some lenders will allow you to use the
new value. The lenders will go for new value in the case of new
construction, and this could help you if you are the first owner.
You should find a mortgage broker that can help you arrange the loan because
a broker will be able to find the lenders that will let you use the new
value. If you want to do a rate and term, and take no cash, then your pool
of available lenders will increase.
"_______" <xxvze3qtgix@verizon.net> wrote in message
news:k3UDe.21291$ij3.18463@trndny06...
> Hi
> I just brought a house in Long Island NY last Nov, so I've been in there
> less than 12 months. Can i refinance now or do I have to wait till I've
> been in there over a year?
>
> --
> remove xxx from email to reply
>
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