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Yes, you can refinance a home that is listed for sale.
I, like many, have refinanced property/homes that are either for sale and even those with sale contracts on them.
Not only can you use the more normal types of finance, including lines of credit, etc., but the class (or term) for loans that are made exactly to do so is called "bridge loans" or "bridge financing". Generally because it bridges you from one to the other property. (If you are doing this to have the funds to close on a second property, you can sometimes arrange financing that essentially will cover both, with the first one dropping off at sale, called a blanket mortgage).
Understand, the mortgage company has nothing really at risk if you are selling, as their loan is secured to the property and they will get paid sale proceeds before you.
Contrary to the above, lenders (investors) would love everyone to pay off early! The interest rate you see (actually that thing called APR) is for the interest and costs over the term of the loan. If you pay a loan off early, you effectively pay a MUCH higher interest rate (actually APR). Much, much higher. Consider how much you would pay on say a 30 year loan you refinanced every year. Lots and lots of fees and up front interest, and at the end of 30 years, you wouldn't have paid any principal really and still owe the original amount! The early payoff of loans is one of the major income factors for lenders.
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Is it better to short sale a house or refinance to get credit in good standing?
It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.
When your house for sale was already off from the market can you refinance?
Whether your house is still on the market or not, the real question to ask is 'Do you qualify for refinancing?
What lenders will refinance a house that is for sale?
Lenders will usually want to know the financial state of the buyers. Only in exceptional circumstances will a seller need to re-finance a house shortly before sale.
Was a new law passed in Jan 2004 saying that you can not refinance your home if it was listed for sale within 6 months of the application?
I have been a mortgage originator for over 10 years and I am not aware that any such law exists. Different lenders have their own criteria but most would allow a refinance if the property has recently been listed for sale. They would merely require proof that it is no longer on the market and a letter explaining why it was listed for sale and why you took it off the market. I am being TOLD that we cannot refinance our home if it has recently been on the market. I was wondering what mortgage comapny that you work for so I might get refinanced?
Can you refinance fha loan if your house is for sale?
Many lenders will not offer a loan if the property is actively being marketed for sale. Some require the property to be off the market for 3 months.
Is it better to short sale a house or refinance to get credit in good standing?
It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.
Can a house be refinanced by one of the owners to buy the other owner out while it is listed for sale?
Sure, as long as you can find a lender willing to refinance the property and the action does not violate any court order.
When your house for sale was already off from the market can you refinance?
Whether your house is still on the market or not, the real question to ask is 'Do you qualify for refinancing?
Can you refinance a home listed for sale?
Some lenders do have programs that allow for a customer to perform a refinance if the house is on the market. You just need to call your local lender to see if they can help you. Another option, might be to work with your real estate agent to take the house off the market long enough to have an appraisal done on the residence SOS it gives it the appearance that the home is not on the market.
What lenders will refinance a house that is for sale?
Lenders will usually want to know the financial state of the buyers. Only in exceptional circumstances will a seller need to re-finance a house shortly before sale.
Was a new law passed in Jan 2004 saying that you can not refinance your home if it was listed for sale within 6 months of the application?
I have been a mortgage originator for over 10 years and I am not aware that any such law exists. Different lenders have their own criteria but most would allow a refinance if the property has recently been listed for sale. They would merely require proof that it is no longer on the market and a letter explaining why it was listed for sale and why you took it off the market. I am being TOLD that we cannot refinance our home if it has recently been on the market. I was wondering what mortgage comapny that you work for so I might get refinanced?
Can you refinance fha loan if your house is for sale?
Many lenders will not offer a loan if the property is actively being marketed for sale. Some require the property to be off the market for 3 months.
What do you have to do to refinance your mortgage?
You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.
Will a lender refinance a mortgage on a home that is listed for sale?
I do not know of a lender that will allow you to refinance a home that is actively listed for sale. There are several lenders that will allow a rate and term ( "No Cash Out" ) refinance the day after a home is removed from the MLS. There are a couple of lenders I work with that will allow a Cash-Out refinance the day after the home is removed from the MLS. Other important considerations that need addressed are * Is the home a primary residence / second home? * Is the property an investment property? * What is your intention for the property in the future? I frequently refinance homes that have just been taken off the active market. Please feel free to contact me if you have specific questions and I will be happy to assist you. Just Click on "TheMortgageExpert" link above. Jeff
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Why is owner of record listed as the seller on a contract for sale and purchase of a house and not the buyers name?
Until the sale is closed and funded the seller is still the owner.
If your house in foreclosure and is up for sale can it still be forclosed on by the lender?
Yes, the act of listing your home for sale will not stop or stall the foreclosure proceedings. Homes can be listed for sale for months and even years.
