Refinance

23 Replies

I just bought a property with a loan from hard money and i was told that i have to hold it for 6months before refinancing. I will like to know which banks refinance deals in less than 6 months in New Jersey. I will appreciate any response. Thanks

Tayo,

I just sent you a colleague request.  There are loans you can get.  I'll be glad to get my sales manager to review them with you.  

The best rates will come to you if you wait for conventional financing and qualify.  If not, that's where we come in.

Stephanie

Not sure if anyone can help me in Dallas, Tx? I'm running into the same issue. Looking to get a 30 year fixed conventional if possible. 

The properties I own in Mississippi are so cheap I find the closing costs on a conventional mortgage are just not worth it. What I have done instead is refinance my houses using first place HELOCs from Wells Fargo after owning the house for a year. Yes, you can do it earlier but then they will only finance it for 70% of your original purchase price, whereas if you wait a year, they will give you 70% of the appraised value. Closing costs are from 0-$400. They tend to do drive-by appraisals which are on the low side. Interest rates are higher but they generally give you a teaser rate for the first year. I manage my HELOCs like I do balance transfers on my credit cards, paying them off each year when the teaser rate expires. Then I call them and ask for another teaser rate which I can usually get at about 3%. 

You shouldnt have to wait 6 months if you can meet the fannie mae delayed financing exception.

Feel free to email me . I'm a direct lender with Freedom Mortgage and have stellar client reviews on various real estate sites.

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