Question : Can you refinance while your home is on the market for sale?
Our home has been on the market for a while now. We need to refinance to lower monthly payment. Can we refinance a home thats for sale?
- asked by MC
All Answers:
Answer #1
Sure, you can, but it will cost you money to dothe refi. If you sell soon, it will seem like awaste, but if you're stuck with the home for along time, maybe it was for the best.I refinanceda year ago, and I'm selling now. Normally, eventhat is considered too close, but there's no realrestriction on it...it just doesn't seem like itwould be to your benefit if you can survivewithout the refi.
- answered by scottFL007
Answer #2
some lenders like the home to Not be on themarket.the reason is , the underwriter will lookat it, in a negative light. if the home will beSold, why puta new loan on it today. Thus, checkwith your loan officer for further instruction.
- answered by fairfaxhomeforsale
Answer #3
The answer is yes you can BUT the reality is thatit is hard to find a lender that will refinanceyour loan knowing that at any minute your homecould be sold and they will waiste their time andmoney. Most lenders will ask you to take the homeoff the market before you can refinance.Good luck!
- answered by jbienesraices7
Answer #4
Most lenders will require you to take the home offthe market. You may also be required to sign anaffidavit stating your plans for selling havechanged. The reason lenders are reluctant torefinance you if you are planning to sell is thatthey will not be able to recapture any of theircosts associated with doing the refinance. In anutshell it costs them money if you turn aroundand sell it.
http://www.lendermark.com
- answered by lendermark1
Answer #5
Normally it has to be off the market for a minimumof 6 months (Fannie Mae guidelines.)
- answered by KL
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