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Wait tme for a home equity loan?

I just bought a home 3 mos ago and there is already equity. Can I refi now? by ianbuck87 from Dublin, North Carolina. Sep 18th 2020 Reply

Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 608 contributions

If you were happy with the appraised value it could be possible, otherwise wait at least 6 months up to one year. It also depends on the type of loan used to purchase the home.

Sep 20th 2020
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

Your standard mortgage loans have a waiting period to use a value higher than the purchase price, which is generally 6 - 12 months. A stand alone 2nd mortgage home equity loan you can do right now.

Sep 21st 2020
Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

As Joe said, If you are happy with the Appraised value that you got when you bought the home, Then you could. Lenders will continue to use the lower of the Appraised value or the purchase price for at least six months (and some use a year) from the date of purchase, regardless of the actual value today. FHA loans and VA loans have some built in stops that prevent you from refinancing too quickly. Check with a local Licensed Loan Originator to see what your options are. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

Sep 22nd 2020
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