Question by Claudio F: I am refinancing my mortgage, can I start to sell the house now?
I am refinancing a ballon to a fixed rate mortgage and in the agreement it says that I have to occupy the property for at least one year after refinance closing. Can I start to look for a buyer now tho?
Answer by David Z
yes. you can sell it in a month if you want. that language is there so that you agree not to turn place into investment property. it does not prohibit you from selling in less than a year
refi is expensive. usually the cost requires 2-3 years to break even.
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You will probably have to adhere to the terms of the agreement. When the title search is done for the new buyer it may show up, and the bank won’t release the loan on the property.
On Oprah’s show Suze Orman gave refinancing mortgage advice.