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how soon after purchase until I am eligible for a refi? Is there a waiting period?

by blake963 from Powell, Tennessee. May 18th 2016 Reply

William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

It depends on the loan product.. but for FHA, you have to wait 6 months until you can use FHA again.. For other loan products, so long as there is a "net tangible benefit" you can refinance right away, but if you do refi, the new lender will be using the LOWER of the original appraised value or the newly appraised value.. so, if the property has increased in value, you wont benefit from it until after 6 months.. however if the value is lower, you will be subject to the lower value. Understand that most lenders will tell you to wait 6 months, but that's because loan officers receive their commissions form the lender who funded your loan.. if you pay it off within the first 3 to 6 months, then the loan officer will be subject to the lenders "re-capture" clause, and they might have to pay back the funds they received to do your loan. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

May 18th 2016
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 226 contributions

Usually it is a 6 month waiting period. It also depends on what type of loan you did originally. Do you know what type of loan you have. Why would you want to refi after your purchase?

May 18th 2016
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