Is it true you can't refinace.. (loans, rate, refinance, loan)

[gentlearts]

a house that is for sale?
It would be more comfortable for us to ride out the slow RE market if we could revert back from our 15 yr mortgage to a 30 year mortgage if this is allowed.

[TimtheGuy]

In most situations it is true that you can't refinance a home that is listed for sale or that has been listed for sale in the past 30, 90 or even 180 days. It varies by investor (lender). You may be able to find one to do it if you prove the listing has been cancelled.

[LoraK]

If you can show that the home has been taken off the MLS and write a good letter of explanation, there are some lenders who will do it 1 day off the market. I don't know of any right off hand who will still do it while its listed. (Not to say that there isn't any)

[New2FL]

Originally Posted by gentlearts

a house that is for sale?
It would be more comfortable for us to ride out the slow RE market if we could revert back from our 15 yr mortgage to a 30 year mortgage if this is allowed.

Does it apply to home equity loans too?

[kturbe]

Ask yourself, why would a bank want to give you a mortgage if they know you are trying to sell. They make their money off of the interest of loan.

[renriq02]

if it's a rate/term the house will need to be off the market for 1 day...and a good letter of explanationf or some lenders.

if it's a cash out...they normally require 6months

[TimNJtoCT]

it is true. You usually can't get an equity line if the house is listed. You can't do a cash out refi if it's listed in the last 6 moths. You might be able to do a rate and term refi (i.e. 15 to 30 yr) only if you are pulling your house from the market and do not intend to relist it (you'll need a good letter of explanation)

[michelrobinson]

You can't refinance a home that is listed for sale.