Question

Can I sell my house right after a refinance?

My roomate moved out and I need to free up some money to replace what he paid for rent. My plan has been to sell but Im afraid that my house will sit on the market for longer than I would like without that extra rent coming in. If I do a small cash out refinance I can pay off my car loan and regain that missing money that will help me comfortably pay my mortgage while the house is for sale. Are there any legal issues with selling a home after refinancing? The house would not go up for sale until after the refi closes.

6 years ago - 5 answers

Best Answer

Chosen by Asker

You could tottaly do that. You need to make sure there is not a prepay on the loan though. There are a couple thigns you could do to improve the situation. I know there are so many homes just sitting on the market and unfortunatekly most of the people are buying the homes that are bank owned properties.
There are no legal issues that I have ever known of. In fact many people do that to make home improvements to sell the home.
Shoot my friend an email and he can go over different options for you. He is the best. Mike@afbankloans.com

Source(s):

6 years ago

Other Answers

You can sell your house any time, but you might have to pay a early termination fee to your lender. Check your fine print to see if it would be worth it--and don't forget to consider closing costs. It would probably be better to just get another roommate.

by PelMel - 6 years ago

You can sell while refinance is pending if you can find a buyer able to get financing.
Refinancing and so having a larger mortgage on the house can even be an asset to selling.

Be alert to the possibility that a lender may not wish to increase your debt level. This is less a problem if they know you are using the money to consolidate.

I would suggest you move immediately to find a buyer and hopefully have no need to refinance.
Refinancing can create a selling obstacle if it is fixed term. It adds one more contract you have to buy out of.

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by Kaley - 6 years ago

Cosmo, there is nothing wrong in selling your home shortly after refinancing. Learn more on home mortgage and refinancing from: www.4refinancemortgage.com/

by sara sentor - 6 years ago