House taken off market how long until I can refinance? (real estate, heloc) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

firepilot · 02-23-2009, 02:41 PM

Hello,

We had listed our house for 1 month. The relationship with the real estate agent went south and we pulled the listing. If I want to stay where I am, how long until I can apply to refinance out existing mortgage?

Thanks

molochai2580 · 02-23-2009, 05:09 PM

If I remember correctly from when we did our refinance in 2007 the banks wanted us to wait about 6 months.

It's been awhile though and I've had a lot to deal with since then with medical issues, so I could be recalling incorrectly.

Your best bet would to be to just call up a mortgage lender and ask their policy. It'll give you an idea.

Good luck

HomeHuntress · 02-23-2009, 05:15 PM

I don't think having your home listed will impact whether or not you can refinance. It all depends on how long you've had the loan. If you've had your mortgage for at least six months you should be ok. Considering you've considered moving, since you did just have it listed, be sure to perform a break even analysis on the cost (i.e how long will it take you to recoup the closing costs). If it take three years to break even and you plan to move in next summer it probably won't be worth it.

SSWM · 02-23-2009, 05:19 PM

You can refinance any time you want. It's a good time to refi now, but the rates may go lower. So if you can, you may want to hold off a bit.

Daddys///M3 · 02-23-2009, 05:25 PM

If you have documentation that the listing was terminated and are not planning on taking any cash out then you should not have any issues. If you are planning on taking cash out then you will be required to wait 90 days.

djw · 04-22-2009, 01:28 PM

Based on two conversations today with REFI officers, you usually have to wait. Wells Fargo requires six months for a REFI or a HELOC. Americash would do it with only one day off market.
This is with excellent credit, 3-yr old loan, no cash out...wish I'd known sooner!

jimboburnsy · 04-22-2009, 01:37 PM

Quote:

Originally Posted by djw

Based on two conversations today with REFI officers, you usually have to wait. Wells Fargo requires six months for a REFI or a HELOC. Americash would do it with only one day off market.
This is with excellent credit, 3-yr old loan, no cash out...wish I'd known sooner!

I would advise you to expand your search to include some private mortgage brokers for the refi. Big banks just can't be as competitive and they do not have your interests in mind. A little legwork will probably pay off in this regard.

TimtheGuy · 04-22-2009, 04:02 PM

.....

AndrewSoss · 04-23-2009, 12:04 AM

Quote:

Originally Posted by djw

Based on two conversations today with REFI officers, you usually have to wait. Wells Fargo requires six months for a REFI or a HELOC. Americash would do it with only one day off market.
This is with excellent credit, 3-yr old loan, no cash out...wish I'd known sooner!

I broker to Wells Fargo and they don't require us to wait 6 months. 1 day off MLS is fine w/ letter of explanation.