Zillow Advice: Refinance - we bought a house from the seller and is carrying the note for 5 yrs, now we want to refinance it http://www.zillow.com/advice-thread/we-bought-a-house-from-the-seller-and-is-carrying-the-note-for-5-yrs-now-we-want-to-refinance-it/468088/ Zillow Advice | Zillow Real Estate It is a refinance."First" ... http://www.zillow.com/advice-thread/we-bought-a-house-from-the-seller-and-is-carrying-the-note-for-5-yrs-now-we-want-to-refinance-it/468088/ It is a refinance.<br/><br/>"First" refers to the position of the loan/lender as a lien-holder against the property being financed. Sun, 11 Nov 2012 00:15:00 GMT http://www.zillow.com/advice-thread/we-bought-a-house-from-the-seller-and-is-carrying-the-note-for-5-yrs-now-we-want-to-refinance-it/468088/ 2012-11-11T00:15:00Z do you have a specific question.if ... http://www.zillow.com/advice-thread/we-bought-a-house-from-the-seller-and-is-carrying-the-note-for-5-yrs-now-we-want-to-refinance-it/468088/ <p>do you have a specific question.<br/><br/>if the owner carried the note there should be a schedule of payments and a balance so it would just be a matter of getting the payoff, and then dealign with you the proper paperwork of the refinance.&nbsp;&nbsp; your lender will require a release of the lien when the existing is paid off by the loan they make but this really isn't different than refinancing from when the first loan was with a bank.&nbsp; they will still have you go through the closing process just like any other refi.&nbsp;&nbsp; Perhaps if you can reply with more detail to your question you can get better replies than mine.&nbsp;&nbsp; This is still a refinance as far as you are concerned because the title is already in your name, however the whole process is just about the same.<br/></p> Sat, 10 Nov 2012 22:42:00 GMT http://www.zillow.com/advice-thread/we-bought-a-house-from-the-seller-and-is-carrying-the-note-for-5-yrs-now-we-want-to-refinance-it/468088/ 2012-11-10T22:42:00Z