Can you refinance a house that is already on the market?

Lane
If you own the house you can refinance it. Just be aware that if your loan amount(s) exceeds the selling price, you will have to bring money to the closing.

Basil
So you want to lower your mortgage payment for a house you are selling?Interesting question. You may have to call your bank or mortgage company for your answer.

Lucas
Most lenders will not refinance a home if they know it's on the market. Why would you do that? The money you pay for closing costs on the refi will be wasted if you sell quickly. Also watch out for prepayment penalties. If you refi, you might get stuck with a 24 month prepay penalty which will cost you even more money.

Demetrice
It is definately not a good idea to refinance while on the market. As mentioned in a previous answer, the fees to refi most likely will be higher than any savings in payments. Most lenders typcally will not refi a mortgage on homes currently listed for sale. On the appraisal there is a grid where the appraiser has to list if the home is currently on the market or has been on the market in the prior 12 months. My advice is to stick with your current mortgage.

Blanca
On the norm most banks will not refinance a property that is up for sale. There are several banks that we work with that have these special programs for people in your situation. If you are interested in what can be offered feel free to log onto http://www.justgetaloan.net fill out the application form and you will recieve a fast free pre-approval. Also if you have any additional questions feel free to contact me at 866 530 7300 or by email at jfreeman@justgetaloan.net

Geralyn
Yes. While most banks will not allow this and many also require the property to be removed from the market for a minimum of 6 months, I do have sources that will allow this.Either the home can be removed from the market and we can refinance the next day, or we can use a bridge loan that will allow the home tostay on the market while you take cash-out. Contact me if you need assistance. I'm a 20 year skilled nationwide mortgage consultant. http:www.SLarson.com/contact or steve@slarson.com