How long do we have to wait to refinance?

[Rangel4163]

What is the name of your state (only U.S. law)? WA

We were added to the deed with our parents and it is already officially recorded (dated 2/2015). The home is 100% paid off already but we were planning on refinancing to buy out our parents. How soon can we refinance? We were told by a financial company that the banks like you to be on the deed for a minimum of one year.

 

[OK-LL]

You'll find the length of "seasoning" time required for your deed will vary by lender and underwriter. Last month I was advised by a small local bank that they had no seasoning requirement, and but a national lender required 6 months deed seasoning before they would consider lending. It's best to simply ask your lender's representative for their specific requirements.

 

[FlyingRon]

Talk to lenders. The Seasoning provision is to protect them from higher risk due to flippers. In your case a bank that has a brain will realize this isn't a flip. You may wish to talk to a bank you or your parents already have a relationship with.