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How long do you have to own a house before refinancing in NYS

Can you tell me how long you have to own a house before you can refianance it in NYS.

elnora.little's picture
elnora.little | Joined: October 1, 2008 08:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can refinance anytime. The question is appraised value.
Some companies require a seasoning period before they will allow a new appraised value. Most require a 12 month period without proof of serious modifications and upgrades.

You also have to review the terms of your mortgage to make sure you do not have a prepayment penalty. There are ways a lender can get around .

You should seriously consider all the terms before refinancing as well. Make sure it's worth it. If you are doing a rate and term [url=http://www.mortgagefit.com/refinance.html]refinance[/url] you should be lowering your rate. You don't want to deplete the equity in your home either.

may I ask the reasons for the refinance?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi srichards !

Welcome to Forums!

Refinancing can be done anytime. But you should keep in mind two things - prepayment penalty and appraised value of the company. Some lenders charge a prepayment penalty. If your lender does so, then you will have to pay the penalty. Secondly, most of the companies will give you a appraised value after a seasoning period which is in most cases 1 year.

Feel free to ask if you have further queries.

Sussane

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

How long must you own a home before you can refinance to get a lower rate.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mom!

You can refinance a mortgage within 7 months. But in certain cases, loans have pre-payment penalty which may be charged if you pay off the mortgage within 1 year or 3 years. The pre-payment penalty period may vary from loan to loan. So before refinancing, you will have to check the pre-payment penalty clause.

Thanks,

Jerry

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jveenstra's picture
jveenstra | Joined: November 10, 2008 09:03 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

There is no simple answer to your question. Mortgage money comes from the SECONDARY MARKET or PORTFOLIO MORTGAGES from banks. The SECONDARY MARKET includes Fannie MAE and Freddie MAC and FHA and VA loans. The PORTFOLIO MORTGAGE money from banks means the banks are using their own money. The SECONDARY MARKET follows their own rules and the PORTFOILIO MARKET follows each banks own policies. They are not all the same. The mortgage money from the SECONDARY MARKET normally wants you to be on title for 90 days (FHA) before you can refinance or be on title 6 months for other loans. They are simply trying to avoid losses due to flipping. PORTFOLIO LOANS also have similar guidelines, but, some let you refinance immediately. One of the banks we work with allows a refinance immediately, however, that bank lends in only 9 counties in New York State and I do not know what county you are in.
If you are refinancing under one year from time you took title, some lenders let you use lesser of pruchase price or appraised value but not more than purchase price.
Some lenders let you use appraised value even if it is more than purchase price. Our bank contact lets us use appraised value even if more.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

elnora, does it bother you that your post was copied almost verbatim by the subsequent poster and spit back out as if it were valuable, new, first-hand information?

i agree with what you said, but i'd die before i reiterated it as if it were my own.

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

what is the rule of thumb for this

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

There are some lenders which will allow only 6 months seasoning. However, the value used will be the LESSER of the original purchase price six months ago or the current appraised value.

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

I have owned a home for almost three years can i refinance?? and if so do i go through my mortgage lender

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jveenstra's picture
jveenstra | Joined: November 10, 2008 09:03 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, you may refoinance after 3 years.

You may speak with your current lender or any other mortgage lender.

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

If I purchase a fannie mae home and borrow 45,000 from mother so it would be a cash deal and she would like it back fairly quickly can a person get a 1st mort to get the funds to pay her back. This would be to purchase quickly and pay the first mort . So instead of getting a loan in the beginning to purchase,, get it after purchase and use home to get it?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi toots!

Welcome to forums!

As far as I can understand, you'll be able to get a mortgage on the property in order to pay back the debts that you owe to your mother.

Feel free to ask if you've further queries.

Sussane

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