How Soon Can Your Refi?
I just recently moved into my first home. I had to go the route of owner financing due to being self employed less than 2 years. How soon after acquiring a home can one try and refi their home. Should I wait till I have "2 years" under my belt for my self employment?
Technically you can do it the day after you close on the first loan.
Issues such as verifiable income, if you want to take cash out, and if the credit is solid can change the timeline.
What are you trying to accomplish? What is the motivation to refinance at all?
Time helps. Living in the property helps. Leaving all the cash in the property rather then taking some out helps. In some cases a refi is easier then getting the loan for a purchase.
An alternative if all you want to do is access the equity is a home equity line of credit (HELOC).
John
[addsig]
The motivation is to get a lower interest rate. As I said, I got owner financing due to my inability to get financing. The interest rate is high. A couple positives out the deal is that I only had to come up with about 7% down, and the place I have has close to 2 acres of land with it.
One additional question. The place that I have on the property is a 2004 model doublewide. I do have a perm foundation of brick. How hard will this be to refi. I have been told that if I didnt have a perm foundation, I would have no chance with the way most lenders work nowadays.
Demonking...click on the COMMERCIAL heading below TCI & go to the mfd.home forum...you should get your answer on the foundation question in short order...regards...CWal
whoops... TCI changed the forum to MULTI UNIT...good luck.