How Soon After Aquiring A Pre-for And Sub-to Can You Refinance?

Comments(5)

• 
  DerrickAli15th October, 2003

  What are the details of your BID ?
  
  How long and what type of loan are you taking out?
  
  Give us more details a bout what you have done and/or plan to do.
  
  To try and answer your Q.:
  
  I talked to a loan ofcr. @ HFC today whom told me they only need 6 MONTHS seasoning on the Quit Claim Deed B4 they'll refinance REIs.
  
  Doe this help?
  
  Let us know!
  
  Derrick Ali

• 
  jllaco15th October, 2003

  I don't have an answer, but i am in the process of taking out a home equity line to pay for the entire home. I actually started the process online prior to having the deal complete! I was preapproved for an amount that exceeded my purchase price by 30K. I received the quitclaim deed last week and have a loan closing scheduled for the 23Oct. I'll let you know how it goes.[ Edited by jllaco on Date 10/15/2003 ]

• 
  quinn15th October, 2003

  The bank is asking 65,000 for it, when I bid on it, my realtor told me that their(the bank's) said there were no other offers on the property. Not to say that there never has been, the previous bids were rejected because they were too considered too low. Their agent wouldn't tell mine what the highest bid was so I bid close to 65,000. I bid 63,000. The house is in a really good neighborhood, and the previous owners kept the property up really nicely. Houses in the area are selling between 87-110k, so of course I jumped on this. My loan is 95/5 and conventional. With conventional loans is there a penalty for paying note off early and if there is, is it worth doing?
  
  Thanks
  Quinn

• 
  rcummings18th October, 2003

  I don't think there is a penalty to sell early (as long as you don't have a prepayment penalty you should be fine) it's your end buyer that you have to worry about. They may be using a lender that requires 12 months chain of title. I would check with your buyers broker/lender to see if it would be a problem to sell a home in less than 6 months to a year (unless you did a major rehad which warrants a higher value or something like that.
  
  Good luck~

• 
  bjsmooths18th October, 2003

  Quinn,
  
  You want to find this out from your loan officer/mortgage broker. Depending on some loans, the type they are and who the lender is, there could be one.
  
  I am a loan officer, and banks offer a better payout (commission) on loans with Pre-Payment Penalty's to the loan officer. It's not always the case, but don't assume there isn't either.
  
  CountryWide is one that there maybe one depending on the program that your loan officer/broker signed up for.
  
  As far as seasoning goes, Derrick's right. There are lenders who still will do loans without seasoning issues. Just know though, that they will probably hit you with a higher rate and possibly a PPP(pre-payment penalty).
  
  However, you need to weigh the odds. Just because the rate from a loan is higher, that doesn't necessarily mean it isn't worth it. Purchasing a property that is well below area comps is one of those situations!
  
  good luck,
  
  Beau
  
  [ Edited by bjsmooths on Date 10/18/2003 ][ Edited by bjsmooths on Date 10/18/2003 ]