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I plan to buy & sell in 6 months, would refinancing my current home cause any potential problems for me?

by MargaretAnneB280 from Boise, Idaho. Feb 3rd 2017 Reply


Michael Diaz (sincityloandr)
#59 ranked lender in Nevada - 25 contributions

Nothing really just add some balance to what you owe currently. Unless you get a no cost loan. What are you trying to do though? Access cash in equity?

Feb 4th 2017
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Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

Normally, it should not be a problem. However, why would you want to refinance the home if you are going to sell it only 6 months or so later? For cash out? You can get an equity line of credit at no cost if you simply want to have access to money for a down payment on a new home before the old one is sold. Otherwise it just does not seem to make sense with all the built in cost and bother in refinancing only to sell the property 6 months or so later. Now, if you decided you were going to keep the property after all, and rent it out, most lenders would have a problem with that until you have retained it as your primary property for at least twelve months. If you knew you were going to rent it out then you were required to refinance it as an investment property. If you had to move well out of the area for a job unexpectedly that would be an acceptable reason to rent it out so soon.

Feb 4th 2017
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Mike and Jill Kohler (LenderMike)
#32 ranked lender in Pennsylvania - 56 contributions

It should not be a problem.

Feb 9th 2017
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