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Seasoning Refinance to pay off Georgia Mortgage

Posted on: 16th May, 2007 04:09 am
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.
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
Posted on: 16th May, 2007 12:11 pm
"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
Posted on: 16th May, 2007 05:13 pm
I was referring to the purchase of my current home and investment property.
Posted on: 17th May, 2007 06:14 am
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
Posted on: 17th May, 2007 02:53 pm
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