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Should I refinance if it looks I will be moving out in 3 months? My house was appraised at 230K and I owe 110k.

by coachmikeerickson980 from Williston, North Dakota. Mar 31st 2015 Reply


Jayme Renner (jrenner@bncbank.com)
#11 ranked lender in North Dakota - 2 contributions

No, and if it is listed for sale you can not refinance.

Mar 31st 2015
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Brian Allen (ballen)
#43 ranked lender in Maryland - 190 contributions

No, you should not refinance if your rate.

Mar 31st 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Are you keeping the property or selling it? Most lenders have a period of time a home can not be on the market.

Mar 31st 2015
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I will be selling it.

Mar 31st 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

If it is on the market most lenders will not do a refinance for you. If you disclose your plans most LO's will advise you to not do the refinance as their Commission will be recouped if you do not make 6 payments to the lender.

Mar 31st 2015
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SO basically I will be out the money for the appraisal fee and the credit report fee if I have already started the process. The reason why I started is we did not know until a couple of weeks ago that we are getting transferred. Kind of sucks. So your suggestion is just cancel the current process?

Mar 31st 2015
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

No, you shouldn't refinance, unless you have an exceptionally high rate and you can recoup your closing cost without increasing your loan balance in the first month and my guess is you want be able to. If you have any questions i can be reached at 317-225-7868. Elden LewisGuaranteed Ratehttp://www.indianapolismortgageguy.com/

Mar 31st 2015
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

Yes, it does kind of suck. So, its best to cut your losses and walk away. The silver lining is you will have an appraisal to prove the value of your house when you sell it. If you have any questions i can be reached at 317-225-7868. Elden Lewis, Guaranteed Rate, http://www.indianapolismortgageguy.com/

Mar 31st 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

More info would be needed, but in general, if you're in the process of refinancing and you are now going to be moving, it's probably best to cancel the deal.. If however, the average days on market in your area is 6 months, then there still might be a benefit.. but your refinance would need to be a pure no cost refi.. meaning your loan balance is not going up and your not bringing cash to the table.. and with all that, there's still a savings achievable.. then it might be worth refinancing, but my guess is that in most cases, it's best to just cancel the deal.. 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 WilliamAcres.com

Mar 31st 2015
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Dave Skow (daveskow)
#16 ranked lender in Washington - 143 contributions

yes - cancel process if 1) you are moving and selling within 3 months and 2) if the refinance has costs associated with it ( which I am assuming it does ) ......if there is a chance that you are going to keep the property - then it might be worth completing ..thanks and all the best ...Dave Skow ...Eagle Home Mortgage 206 714 9745 daveskow@eaglehm.com

Mar 31st 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Yes, if you are selling let the lender know and stop or at least pause the process while you make sure the sale goes through. It's likely they'll find out before you close anyway if the house is listed for sale with a Realtor. Also, you don't want to increase what you owe on the house to access some of the money in it before closing.

Mar 31st 2015
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