Question by howsguy: will a bank refinance a house that is on the mls?
I am trying to sell my house. If I decide to keep it and refinance the mortgage. will a bank be ok with that?
Answer by Warlord
as long as you still own it then you can tell the bank to eat sh*it and die. as long as the transaction ins’t in full swing than there’s nothing really the bank can do about. as long as they get their money, they don’t care. keeping it and refinancing would allow you the most advantageous leverage you could have. simpy being that your house is the single most important asset in your llfe. don’t know if this is “the” house you’ll be living in be regardless of that, most people don’t ever pay off their mortgages until they hit that house. if this is just something temporary then use it and lose it for something better. if you’re in it for the long haul then get a decent rate, credit score pending, and do as you normally do
Give your answer to this question below!
yes, as long as the house and mortgage is still in your name you can refinance. But you should wait until it comes off the market. You don’t want to get caught in a situation where you refi and then someone offers to buy it. If that were to happen and you refused to sell you could have to pay a fine to the real estate agency for breach of contract.
Most times, they will not refinance if your house is on the market for sale. If they know you are trying to sell the house, they will not go through the trouble of writing the loan. If you do, however, find a bank to refinance like that, then read the fine print about early pay-off. Some banks charge a large fee if you pay your loan off before say 24 months or some set period of time. That could be an issue if you refinance and then immediately sell.
If you decide to keep your house and refinance, they may require that you take it off the market before proceeding with the refinancing.
Just talk to your lender. If you go through a mortgage broker/company, check the Better Business Bureau for their rating. I used a company I found via Lending Tree, and they really tried to screw me over for lack of a nicer description. Hindsight being 20/20, if I would have checked their BBB record, I would have never used them in the first place. I just assumed they would be reputable coming through Lending Tree. I found another finance company through my Realtor, and everything was smooth sailing.
Most Lenders will NOT refinance. I do know that Washington Mutual will, on an exception basis, with a letter stating that it has been removed from MLS.
Even then you can only get a portfolio loan. Fannie mae requires 120 days since removal from MLS. So 30yr, 15yr etc is out.
Every Lender in America have different guidelines for your situation..
i have a few lenders that stipulate the house has to be off the market for 6 months, and i have others that will allow you to refinance the day after you take it off of the MLS…
what i can suggest is you get a professional opinion.. First tke your house off the market, and then talk with a mortgage consultant to find out EXACTLY what you qualify for..
Once you know more anout what you qualify for, if it makes sense for you to refinance then move forward with it..
My name is Jason Fry, and i work for Providential Bancorp, a nationwide mortgage lender. I would be happy to assist you in a refinance.. Give me a call at 312-264-6448, or email me at firstname.lastname@example.org..
Good luck to you!