How Soon Can One Refinance After Purchasing A Home?
I am going into contract very soon on a property in which will be my primary residence.
I'm wondering 2 things,actually:
1. How soon after purchasing can one refinance?
2. How soon after purchase/refinance can one place the property back on the market?
I was told that after one year, there would be enough equity to make selling the property worthwhile - the property is appraised at $410,00.
My apologies if the questions are too broad - I am a newbie and would like to eventually beginning buying properties and flipping them soon after.
Answers are:
1. Next day
2. Next day
After you take ownership of the property You can sell anytime you want. You can also list it anytime you want. What you can get for it will only be what people are willing to pay, and that is usually determined by market conditions at the time.
As far as a time period for refinancing, that is something that can be worked out before you enter into any agreement. The bank who will hold the mortgage may have rules against you refinancing too soon. You should ask specifically about that if you have any questions. You don't want to be forced to hold onto the home for longer than you expected.
Good luck.
Ok. You mention refinance in the title but you are talking about reselling in the message which is it? As long as there is equity you can refinance as soon as you want to. If you are reselling the same applies. If you haven't purchased low enough to have equity built in once you determine a resale price it wouldn't be beneficial to sell.
Now although I have invested before I am still new, so if I am wrong someone correct me, but being a licensed realtor and loan officer I might be on the right track lol.
hi
when i bought my house there was a 3 year clause where i couldnt refinance my home w/o a penalty. and be careful because im refinancing now after 4 years and they still tried to get me for 3,000 dollars penalty