Finance

[Lawbound]

After a loan is secured, how much time is needed to pass, to refinance that loan for a lower rate?

[jpopkin]

If you want a new appraisal 1 year

[DionEvalueMortgage]

You can refinance your mortgage the next day technically. You need to check your Pre-Payment Penalty. Usually that costs of that are the deterunt. When you look at the PP look and see if it is hard (pay no matter what refi or sale) or soft (pay on refi only).

If you don't have a pp then you can do what you want. Unfortuantely sometimes the lender will acutally come and take back the broker's money if the property is refi or flipped that quickly.

You also need to look at the seasoning or ownership linage on the new lender. Sometimes the lender requires you to own it for 12 months. Some do and some don't just depends.

Equity lines are always available depending on your credit worthiness.

Does that answer your questions? :SM050:

[Aldo]

Most banks don't want to touch an existing mortgage that hasn't been 'seasoned' for one year. They won't tell you that outright, but they'll come up with an excuse for not doing the deal which often relates to the appraisal. They'll want their preferred appraisers to look at the property and suddenly, for some mysterious reason, the appraisal won't meet the bank's requirements for a replacement mortgage. There are some who have something to sell that will tell you differently. I prefer to deal with the real world.