what law says a mortgage must be 6 months old before refinancing?
July 20th, 2010 | 
Author: onebyone asked:
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!!
mortgage refinance
Posted in 
Tags:
mortgage refinance
Not sure but fiscally it does not make sense to refinance unless your new mortgage is 2% less then your current one.
mortgage refinance
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.
mortgage refinance
No law states that. However, your contract might and it is binding.
mortgage refinance
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
mortgage refinance
No law, just good underwriting standards.