what law says a mortgage must be 6 months old before refinancing?

by woodleywonderworks

Question by onebyone: what law says a mortgage must be 6 months old before refinancing?
I was told that a mortgage must be 6 months old before you can refinance it. Is it true? What law (or statute or regulation…) actually specifies that?

This is in NY state, if that matters. Thanks!!

Best answer:

Answer by Worldly25
Not sure but fiscally it does not make sense to refinance unless your new mortgage is 2% less then your current one.

Add your own answer in the comments!