I like to know if there is a company will refinance second mortgage after 1 month of purchase?
tristenvo2000 asked:
I would like to know if there is a company who will refinance second mortgage after the house being purchased a month. If they do it will they do the price up the appraisal instead the price of the last month purchased. I like to do stated income and stated asset program.
Miguel
I would like to know if there is a company who will refinance second mortgage after the house being purchased a month. If they do it will they do the price up the appraisal instead the price of the last month purchased. I like to do stated income and stated asset program.
Miguel
July 30th, 2009 at 1:22 pm
Mike
that may be hard to find, generally lenders want to see that you’ve owned the property for at least a year before they will refinance. check with mortgage brokers to see if they have anything for you, banks generally will not
August 1st, 2009 at 3:27 pm
Jon
i’m in california first time home owner, unseasoned credit and with stated income, i got a refi/cashout(75k)after 3 mos. i did however put over 100k down. we did not need money, we made some renovations.
contact a mortgage banker, it will cost you more money but they always seem to work it out! you personally looking for a lender could be quite daunting. they may be able to even get you a better rate. do you know if you have any prepayment penalty riders on that loan? it may not be worth it. at least give it a try. you don’t know until you know!
August 1st, 2009 at 9:07 pm
Harry
I’m not trying to beat you up here but just think about what you’re asking here.
1. you have been in the house a month and you need money
2. you can’t show your income
3. You bought the house a month ago…
Ok, now that that is out of the way, you can refinance the existing mortgage itself, but most likely you won’t qualify for a 2nd mortgage thats going to make it worth your while to pursue. If you put money down when you did the purchase, you can extend the mortgage to cover the amount that you put down. Secured funding would be a good company to check with for a 2nd mortgage but you aren’t going to get above the value of the property, they are going to require some seasoning on it. At least 6 months but most likely a full year.
Just put yourself in the investors shoes and ask yourself, “If I had the money, would I want to lend it to me?” This is not based on how good a person you are, it’s based solely on the parameters of the three C’s… Credit, capacity (can you pay me back) and Collateral (what’s the home worth)
In this case, I know you are missing two of the C’s and if you are missing the Credit portion (Which is likely since you just bought a house) you are out of the game completely.
Hope my honesty helps you. Again, I’m not trying to beat you up, just trying to put things in perspective. In my opinion, I would wait it out til you can qualify for a decent refinance.
August 4th, 2009 at 12:27 pm
Kevin
Check your Note for the 2nd mortgage you’re trying to refinance carefully. Many 2nds have prepayment penalties!!!! That would make any changes probably not worth it, as they’re usually somewhere around 6 months worth of interest in the first year.
I would say, if you qualified for the first and 2nd to begin with you could probably qualify again, but I’m assuming your financial information has changed in the month since you purchased and this may not be the case.
Did you purchase the house for under appraised value? It would be extremely rare for a house to appreciate in the first month, although some areas of the country are moving up quite fast.
I don’t know if there is any good answer. The best thing you can do is go back to your original loan agent and ask. It can never hurt and they’re always willing to try to make things work and make their commissions!
August 7th, 2009 at 10:32 pm
Clinton
Depending on your credit, any pre-payment penalties and the appraised value of the home there should be a lender available to you.
I work with several lenders who will allow cash out with no seasoning and will use a new appriased value. These are A-paper lenders however.
If your on a non-prime loan then you may have a couple of hurdles to overcome: some lenders will not allow their 2nd mortgage to become untied to the 1st lien. In this case you would need to refinaince the entire property; you may have a large pre-payment penalty etc…
If you would like to discuss your situation drop me a line.
Kevin 866-562-6838 x 106
August 10th, 2009 at 5:07 pm
Aaron
I think there are few companies who can help you with this. I need to consult some senior consultants who can let you know about the appraisal.
So you can e-mail your information at