KmmK asked:
How quickly after you buy a home should you/can you refinance if you have an 80/20 mortgage? How quickly can you get a home equity loan if you’ve done a ton of home improvements that have greatly increased the value of your home?
JORGE
How quickly after you buy a home should you/can you refinance if you have an 80/20 mortgage? How quickly can you get a home equity loan if you’ve done a ton of home improvements that have greatly increased the value of your home?
JORGE
MATHEW
It’s all based on appraisal. You can get a home equity loan almost immediately.
Comment by hirebookkeeper — July 18, 2009 @ 4:38 am
LAVERN
It all depends on your location and your original loan. Talk to your original loan officer if you like them, or find a new one if you felt you were taken advantage of. I know some great ones but that would only work if you are in Southern California. If not, talk to a few realtors and find out who they trust with their own transactions. That should get you pointed in the right direction.
If you are in So Cal, you can contact me through my website for more information.
Comment by royal_fiction — July 20, 2009 @ 10:13 pm
PHILLIP
You probably don’t want to refinance completely, and pay a ton of closing costs again.
Call some of your local banks and a broker or two, and find out about refinancing your second mortgage.
Some banks will only let you get a higher value based on the actual cash improvements you put in the home, by verifying receipts, unless it’s been one year since purchase. This is called “seasoning”. Ask what their seasoning requirements are for their second mortgages.
Some will let you use any new appraised value, regardless of how long you’ve owned the home. This is more rare but it’s out there, you just gotta find it. Some may take a new appraised value, but only let you go 10% higher than the purchase price.
It varies widely. All you can do is call around and find out.
Comment by fukinluckyfuker — July 21, 2009 @ 4:27 pm
JAME
You can refinance right away or get a home equity or 2nd mortgage. There is one catch. Your original loan may have a prepayment penalty. Sometimes these are very high. Typically it is a 2 year prepayment penalty. You need to check you loan docs. Live, Love and Laugh.
Comment by Jill J — July 25, 2009 @ 12:33 am
RANDOLPH
As for refinancing, that depends. For example, under the NY state banking laws, if the mortgage is a variable rate mortgage, you can refinance immediately (but then you would be paying your closing costs twice). However, if the mortgage is a fixed rate mortgage, you are essentially locked in for one year, otherwise the lender can stick you with huge early prepayment penalties (it could be anywhere from a few months to one year’s worth of payments).
Comment by jseah114 — July 27, 2009 @ 5:40 pm
NOEL
i would be able to complete a loan for you within about 10-12 business days. As far as what we call “seasoning” with most lenders there wont be any seasoning issues. So basically you can refinance whenever you want.
Comment by millenniummike304 — July 30, 2009 @ 4:38 am
DAN
Hi ,
I can provide you get refinanced very quickly . Please provide the details of your case ,the state ,the value of your home and all and write to .Or you can call me at 480.751.4125 after 6.30 pm (Mountain time)
regards,
kish
Comment by kishaloy_bhowmick — July 31, 2009 @ 11:04 am
RENE
Once an appraisal is complete and title is ready it only takes days…maybe a week.
Comment by loanman46 — July 31, 2009 @ 8:55 pm
JON
Real Estate Agent in Orange County
949-287-1245
You can refinance the next day you buy the house as long as there’s enough equity to cover up pre payment penalties which is normally six months of interest and your need.You got a 100% financing loan right? If you have major improvements done they will help you out.Feel free to give me call
Thank You
Comment by "All About Business" — August 1, 2009 @ 11:23 pm
FELIPE
possibly right away. talk with an experienced Loan Officer to walk through your specific situation.
Comment by mortgage help — August 4, 2009 @ 10:00 pm
GEORGE
There may be something of use here.
Comment by Mike E — August 6, 2009 @ 10:54 am