Answers (7)
- Jason Gosser, "Jason Gosser"
- Contributions:16
This is a lender specific guideline. We allow for cash out refinances, as long as it is removed from the MLS (1 day off market). It will also require a legitimate explanation which I am sure you have.Please feel free to let me know if you have any additional questions.
- Auria Roman, "MNS.net.aroman"
- Contributions:87
I helped someone by just having the realtor write us a letter they were no longer representing seller, and came off mls. Be careful though, many Appraisers look at last stated marketed price even if its below actual average value , because they feel if it couldnt sell at the price you requested, then it must not be worth that much, if it was on the higher end you wont have problems getting actual market value..Call me if you have any questions. You can click on my picture for details...
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Yes, some lenders require 1 day off MLS, but most require 30 days off MLS. Regardless, you can start the process and as long as you are 30 days off the MLS by the time of closing, and the appraisal states it is not on the market currently, you should be fine.
- Barry Dalton, "Barry Dalton"
- Contributions:492
- MBLC
- Contributions:1
If it is still listed for sale you will need to take it off the market while you refinance (rate and term). Then you could put it back on the market once your new loan closes, if you still want to sell. I have some ideas that might help you sell quicker in todays market rather than pay the refiance fees. Contact me if you are interested.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:4274
Policy will vary by lender, but at a minimum it needs to be taken off the market before you apply.
Some lenders will do it with one day off the market.
If it is cash out transaction, the maximum loan is 70% of appraised value. Rate and Term can go higher.
Many lenders will require 60-180 days off the market regardless of the above, so best to ask their policy before you apply.
Some lenders will do it with one day off the market.
If it is cash out transaction, the maximum loan is 70% of appraised value. Rate and Term can go higher.
Many lenders will require 60-180 days off the market regardless of the above, so best to ask their policy before you apply.
- Luke Allison, "lukeallison"
- Contributions:2
If your home has been listed on the MLS within the past 6 months, you will probably only get consideration from a lender to do a rate/term refi. As long as you are not needing cash out, you should be okay.
Can we refinance our mortgage if we have been trying to sell our house?
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