“Be careful about putting the house on the market and giving up and then trying to refi. Some lenders don’t like that.”
Have you heard of this? Anybody who might be reading? I was told this by a mortgage broker who I came to mistrust. I had some misgivings after posting it for that reason.
Well we already know I will be working for you someday…
For sure a lender will not refinance while you are on the market. However I have not heard of a lender refusing to refinance altogether once the home has been taken off the market. Definitely a question for HLS/Pasadena Broker or other mortgage brokers who frequent the site.
Well we already know I will be working for you someday…
For sure a lender will not refinance while you are on the market. However I have not heard of a lender refusing to refinance altogether once the home has been taken off the market. Definitely a question for HLS/Pasadena Broker or other mortgage brokers who frequent the site.
I don’t know of any lender that will approve a loan while listed on MLS.
If dealing with a “Rate & Term” refi, (no cash out) it might be possible to get an approval or exception depending on LTV and the strength of a borrower, as soon as it is off MLS.
If wanting a “cash out” refi, it can be 6 to 12 months off of MLS for a loan approval.
The obvious reason is someone who says heck I can’t sell it, let me get some cash out and the lender can have it..
Guidelines are constantly changing, but the above hasn’t changed much.
I don’t know of any lender that will approve a loan while listed on MLS.
If dealing with a “Rate & Term” refi, (no cash out) it might be possible to get an approval or exception depending on LTV and the strength of a borrower, as soon as it is off MLS.
If wanting a “cash out” refi, it can be 6 to 12 months off of MLS for a loan approval.
The obvious reason is someone who says heck I can’t sell it, let me get some cash out and the lender can have it..
Guidelines are constantly changing, but the above hasn’t changed much.
.
