Home just off the MLS want want to refinance?

If you just pulled your home off the MLS, and have decided to refinance, there may be a certain time before the home can be refinanced. Talk to your Loan officer, and they will be able to work out a plan for you.

There are some lenders that will not have a problem refinancing you even 1 day oafter your home has been pulled off of the market, but there are some special circumstances that come into play. For example, if you had your home listed on the MLS unsucessfully for 6 months at $200,000 chances are that is the maximum value that the lender will allow you to use for the appraised value of your home.

You may be asked to write a letter of explanation as to why you are now looking to refinance your previously listed property.

MLS stands for Multiple Listing Service, and is the most popular way for real estate agents, brokers and realtors to list your home for sale. If you contracted with a real estate agent to list your home, it was most likely on the MLS.

FHA loans do not automatically diqualify someone from refinancing because their property was listed recently. You will need to provide proof the property is no longer listed and supply a letter of explanation.

Since you have shown a desire to sell your home, some lenders may require a pre payment penalty on recently listed homes. This protects the lenders initial costs of the loan be penalizing you several months interest if you decide to sell again during the penalty period.

» DISCLAIMER: The information contained in this article on 'Home just off the MLS want want to refinance?' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.