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

Can you tell me how long you have to own a house before you can refianance it in NYS? (New York State) by jeromeyashu from New York, New York. Jun 8th 2011 Reply


Gianni Cerretani (mortgagegodfather)
#33 ranked lender in Georgia - 238 contributions

You have to wait a mininmum of 3 months from purchase for the title to season. Then depending upon which loan type you are in now will determine what you can do. For example if you have an FHA loan you have to wait at least a full year unless you want to do a streamline. Conventional rate and term is 6 months.

Jun 8th 2011
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Staci Borg (Staci_Borg)
#50 ranked lender in New York - 6 contributions

Well, there are few considerations here. One is simple title seasoning... how long have you owned the home before you can refinance to lower the rate. The answer is immediately. The only potential holdup would occur if NYS delays the recording of the mortgage from when you purchased. Some counties are awful slow in getting their documents recorded... what county do you live in?. A second consideration is if you are looking to take a larger mortgage to take some cash out. While its true that Fannie Mae and Freddie Mac have a 6 month ownership requirement, we offer cash outs from day 1 by putting the loan through a portfolio lender which does not sell their loans to Fannie or Freddie. Their loans are priced a bit higher than Fanne and Freddie loans but their 30 year is below 5%.There is also FHA loans but the additional mortgage insurance premiums would make that undesirable.If you would like me to assist you with this, you can call me at 347-766-2674. (347) RON BORG. You can also start the process at Mortgage123.com. Best regards,Ron Borg

Jun 8th 2011
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Ed Groussman (Egroussman)
#49 ranked lender in New York - 14 contributions

Fannie mae typically requires 6 months for a cashout refinance, but i do have programs available where you can refinance sooner. call me at 347-903-5626 or email at egroussman@myhsoa.com to discuss.Thanks,Ed GroussmanCommunity BankerHome Savings of America

Jun 8th 2011
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