If you recently purchased a home or have had a home for some time and are interested in refinancing, then it is in your best interest to see if there are any waiting periods or guidelines to abide by. So if you are sitting there wondering what the Refinance Waiting Period is, this article has the answers for you. In a basic sense, a home owner who just closed on their home cannot just turn around and get their home refinanced immediately or shortly after closing. All refinance mortgage loans need to show a net tangible benefit to the loan borrower. Yes, there is a Refinance Waiting Period and we will get into that in a little bit, but first it is good to know reasons for refinancing in the first place.
If you have an FHA Loan and are looking for an FHA rate and term refinance mortgage than the Refinance Waiting Period is 6 months from the date your mortgage closed. If you currently have a Conventional Loan and are looking for a rate and term or cash-out refinance then the Refinance Waiting Period is 6 months for this loan program as well. As you can see for all loan programs and reasons for refinancing, the Refinance Waiting Period is going to be 6 months.
If you are interested in refinancing your home with the goal of reducing your payment or taking some cash out, then you need to give me a call and we can go over your options for doing so. Feel free to call me anytime at 888-900-1020, email at email@example.com, or visit www.loanconsultants.org and apply today! Don’t wait and get your payment lower or some cash ASAP!