Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Can someone please explain this to me...
We had our house for sale for 6 months. We put it on the market in March and only intended on leaving it up until 9/30, which we did. The market is slow in our area, so we had a few showings and a few really good open houses, but albeit no sale came out of it. We decided that we are going to stay put for 5-7 years and want to refinance the mortgage. I contacted our rep and he told me that we have to wait 90 days from the date the house came off the market to be able to refinance. I am sure there is a very good, logical explanation/reason for this, but I am having the hardest time finding it. Does anyone know what I'm talking about that can explain why this is? Regardless, if this is the case, it sucks that we have to wait another 2 & 1/2 months to consider this b/c we were wanting to try and get the payment lowered sooner than later to save some money. TIA!
Re: Can someone please explain this to me...
This is pretty normal. I have seen it alot. I think it mainly stems from people who try to sell their house, can't, and then decide to refinance and rent it out but claim it as their primary residence in order to avoid having to finance it as an investment which has stricker requirements.
Also a big reason is the mortgage company doesn't want you to refinance to a lower rate and then sell the house really soon after the refinance goes through. In some cases if they see you have recently been on the market you will have to write a letter stating you changed you mind and are going to stay or they will put in a prepayment penalty.
I can def understand the logic behind this. I never really thought about it that far, but it makes sense that they want to safeguard their investment, too.
Looks like we will have to wait until after the holidays to think about it again. Hopefully the rates will still be really good then. Thanks ladies!