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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » what law says a mortgage must be 6 months old before refinancing?

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!!

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5 Responses to "what law says a mortgage must be 6 months old before refinancing?"

  1. Worldly25 says:
    Not sure but fiscally it does not make sense to refinance unless your new mortgage is 2% less then your current one.
  2. I Buy And Sell Houses says:
    There’s no law that requires it. It’s a policy established by many lenders. Some require longer periods of time, such as 12 months. The concept is called “seasoning.”
  3. Landlord says:
    No law states that. However, your contract might and it is binding.
  4. golferwhoworks says:
    It is underwriting guidelines that get you here. If refinancing and you have an FHA note the rule is you must have made not less than 4 payments to streamline and get a new note. Fannie & freddie require 6 months to so. Now if taking any cash out it requires 12 months Fannie & freddie and 6 month FHA
    These are the rules
    I am a mortgage banker in TN & KY
  5. chatsplas says:
    No law, just good underwriting standards.

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