Comments on: Can you refinance while your home is on the market for sale?

By: lendermark1

lendermark1 — Fri, 13 Nov 2009 14:08:06 +0000

Most lenders will require you to take the home off the market. You may also be required to sign an affidavit stating your plans for selling have changed.
The reason lenders are reluctant to refinance you if you are planning to sell is that they will not be able to recapture any of their costs associated with doing the refinance. In a nutshell it costs them money if you turn around and sell it.

By: KL

KL — Fri, 13 Nov 2009 09:47:32 +0000

Normally it has to be off the market for a minimum of 6 months (Fannie Mae guidelines.)

By: jbienesraices7

jbienesraices7 — Fri, 13 Nov 2009 08:15:58 +0000

The answer is yes you can BUT the reality is that it is hard to find a lender that will refinance your loan knowing that at any minute your home could be sold and they will waiste their time and money. Most lenders will ask you to take the home off the market before you can refinance.

Good luck!

By: fairfaxhomeforsale

fairfaxhomeforsale — Fri, 13 Nov 2009 08:05:10 +0000

some lenders like the home to Not be on the market.

the reason is , the underwriter will look at it, in a

negative light. if the home will be Sold, why put

a new loan on it today. Thus, check with your loan officer for further instruction.

By: scottFL007

scottFL007 — Fri, 13 Nov 2009 07:39:45 +0000

Sure, you can, but it will cost you money to do the refi. If you sell soon, it will seem like a waste, but if you’re stuck with the home for a long time, maybe it was for the best.

I refinanced a year ago, and I’m selling now. Normally, even that is considered too close, but there’s no real restriction on it…it just doesn’t seem like it would be to your benefit if you can survive without the refi.