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Would refinancing my current home hinder me if I'm planning to buy and sell in six months?

by mr.meyers73413 from Sabin, Minnesota. Jun 19th 2017 Reply


Hello, there would be no impact on your ability to buy another home if you refinanced your current home and sold it in 6 months or so. If you have any questions you or need more info you are welcome to ask, my email is gpomeroy@boemortgage.com and my website is www.thehomeloanspecialist.com

Jun 19th 2017
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Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

I highly recommend you check with your mortgage loan officer in regards to that for though you normally are not restricted from refinancing anytime after you have purchased or refinanced one can often be limited to a one year wait, if knowingly planning on purchasing and then renting out the current house you refinanced.If you are certain you are selling then that need not be a problem. The only good reason to refinance in your circumstance would be to set cash out for fixing up the home and/or towards purchasing your next home. Why not a obtain a home equity line of credit in that case, since it need not cost anything any you can pull the amount you wish to out at any time. Both your first loan and the HELOC would be paid off upon selling the house, thereafter.

Jun 19th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,439 contributions

Generally the answer would be no as long as you are selling the existing. But if you are planning on selling, why would you refinance now and pay all those closing costs? If you are planning on retaining your existing home, this could potentially be an issue if you refinance the home as an owner occupied loan.

Jun 19th 2017
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Melissa Stutes (MelissaStutes)
#28 ranked lender in Hawaii - 97 contributions

Contact a local mortgage broker to help calculate the time it would take to recoup the cost of refinancing. It may not make financial sense to pay all the closing costs unless you plan on living in it for the amount of time it would take to pay off the expense to refinance. However, yes...you can refinance without restrictions. Be aware, though, that if you put it on the market 1st and then try to refinance, you'll need to provide the lender with a letter of explanation for the purpose of refinancing while your property is listed for sale (more of an fyi). Also...contact a local realtor to see what amount you could list the property at. They can look at neighborhood comps and better help you determine what you could potentially make in proceeds of the sale. Best of luck!!

Jun 19th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

More info needed, but the short answer is no.. it shouldn't hinder you from buying and selling in the future, but you need to look at the costs associated with the refi.. Example: You might be lowering your payment by $200, but if you add $4000 to your loan (closing costs), then $200 divided by $4000 =20 months,,, this means that you don't break even until 20 months down the road.. in this scenario, it makes no sense to refinance if you plan on moving in 6 months.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jun 19th 2017
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