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Seasoning Refinance to pay off Georgia Mortgage

i bought my primary and investment property 3 months ago. i need to do a refinance on the investment property, say if an 80% ltv is possible. but the lender spoke something called seasoning. what's that? and is that required in georgia where my property is located. i can provide private vor and cancelled checks prior to home purchase. any suggestions.

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Racheal,

Welcome to Mortgagefit discussion board.

Many lenders do not allow borrowers to take a refinance on property without twelve month seasoning.

It means that after property is purchased one has to use it for about 12 months before he will be allowed to refinance. This policy has been used to deter investors who buy houses with zero down and then refinance within a short period.

Thanks
Blue

Like | Dislike | Share | Posted: Wed, 05/16/2007 - 12:11 | Post subject:

miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

"I can provide private VOR and cancelled checks prior to home purchase. Any suggestions."

Which home purchase you are referring to? Are you purchasing a third property?

Miller

Like | Dislike | Share | Posted: Wed, 05/16/2007 - 17:13 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was referring to the purchase of my current home and investment property.

Like | Dislike | Share | Posted: Thu, 05/17/2007 - 06:14 | Post subject:

miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for clarifying Racheal :)

Well as Blue said, many of the lenders would require seasoning before allowing for a refinance. And there may be a prepayment penalty also for your mortgage which you may have to pay if you refinance within that penalty period.

Miller

Like | Dislike | Share | Posted: Thu, 05/17/2007 - 14:53 | Post subject:

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