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Libbyrl@aol.com
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 Posted: Mon Jun 01, 2009 1:11 pm Post subject: How many times can you refinance a mortgage? |
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Is there an exception to the seasoning period in CT if the owner has received the property as a bequest. I just( less than 6 months) received real estate from my mother's estate and would like to refinance it- there is no mortgage currently on the property.
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 savior70
Joined: 25 Mar 2009
Posts: 1899
Location: Florida
261.84 Dollars($)
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| Posted: Tue Jun 02, 2009 4:01 am Post subject: |
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Hi
Most lenders would require a seasoning period of 1 year before they allow a new appraised value for the refinance. But some would also allow a seasoning period of 6 months. I'm not aware of any exception to this rule as such. But much depends on your lender. If you have a good credit and you satisfy other elligibility criteria, the lender can relax the seasoning requirements. You can discuss this with different lenders and check out if they can help you refinance in this situation. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10694
Location: bloomfield, ct
35.08 Dollars($)
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| Posted: Tue Jun 02, 2009 8:42 am Post subject: |
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libby, you ought to be able to obtain a refinance at this time. lately, we've been told that we have to season our purchase transactions for at least 4 months before we can allow a refinance, and you've already exceeded that timeframe. furthermore, it's not a situation in which you've received a mortgage that must be seasoned.
and even if 6 months is a hallmark, as savior noted, by the time you end up having a closing, you'll likely have reached that point.
go for it.
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George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
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grover
Guest
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| Posted: Fri Jun 25, 2010 8:27 pm Post subject: bi-weekly payments |
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| are biweekly payments cheaper than monthly payments? |
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jameshogg
Joined: 20 Dec 2005
Posts: 6776
Location: Nevada
452.90 Dollars($)
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| Posted: Mon Jun 28, 2010 12:31 am Post subject: |
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Hi Grover,
If you go for biweekly payments, you'll be able to pay half of the monthly mortgage payment every 2 weeks. Thus, you won't have to pay the dues at one go. However, some people are of the opinion that rather than going for bi-weekly payments, it would be better if you could add some extra amount to your monthly payments. This will help you in paying your mortgage dues comparatively earlier than bi-weekly payments.
Thanks |
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tfaulhaber1
Community Expert
Joined: 17 Dec 2009
Posts: 364
49.57 Dollars($)
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| Posted: Mon Jun 28, 2010 8:12 am Post subject: |
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How long has it been? I agree with George....Go for it! As long as your credit and financials are up to par, you'll find a lender/investor that will be able to provide you a mortgage.
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Theo (Ted) Faulhaber
Sr. Community Banker
Home Savings of America
516-284-4233
516-639-5365
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