Saturday, February 23, 2013

How soon can you refinance or get a home equity loan after

Frist mortgage seasoning requirements would be determined by the terms of your loan documents. Some lenders allow loans with no restrictions, others have requirements that would limit your ability to obtain secondary financing or re-financing for a specific amount of time.

Home equity loans have different specifications altogether. I am not familiar with any restrictions that would limit your ability to obtain a Home Equity Line of Credit (HELOC) given that you qualify for such a loan. Contact a lending professional for specific answers.

You can obtain an equity line of credit immediately after you close your loan. You may refinance your loan also but you should make sure you don't have a pre-payment penalty on your current mortgage, which would require you to pay a penalty if you refinance before the pre-pay penalty time requirement. In most cases the pre-payment penalty is 5% and the time varies by lender and state.

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