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Do I have to wait 6m after I close on my refinance on current home, before I start another mortgage?

Basically, I'm in the process for a refinance on my current home. I was told that I have to wait 6 month after it close before I can start another mortgage on a house I want to buy. 
Is it true that there is a 6 month wait period?
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August 13 2012 - US
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Answers (4)

Profile picture for user893976
Even if my house is not under water and have plenty of equity?
What happened was in the process of refinance, we saw a house we liked.
Should we cancel our refinance? any fee beside he initial credit card charge? I mentioned it to the bank and they said wait 6 months before applying.
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August 14 2012
Profile picture for sunnyview
Lenders are weary of buy and bail where owners purchase another house and let the first one go to foreclosure. You will probably have to wait the 12 months required before you buy another house even if you can qualify for both.
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August 14 2012
Profile picture for user893976
Basically my mindset was to sell the house and upgrade to a bigger and better school zone. But being in a market for a year with no results, we went ahead to refinance to lower the payment so we can save up for more downpayment. There was no intention to not stay for a year (didn't know that this is a fine print), it was more of taking advantage of the low rate and wait till the market comes back up to sell it. While this is going on we just browse around to see if there are any interesting house to buy. 
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August 14 2012
The mortgage/deed of trust you sign at a closing would have wording that you are agreeing to occupy the property for a min. of 12 months.  If you apply to buy another property during that period, there is a good chance you would not be approved. 
This is a topic that many consumers are given bad advice by someone doing there refinance or purchase loan, and learn a hard lesson later when they discover too late that there are consequences.
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August 13 2012
 
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