Whats the process to have a refinance of house just purchased?

Bruce
By a 3rd party (my dad) who has great credit? I don't mind if he goes on title to... but I want to leave first mortgage alone just add second... How does that work (in virginia)?

Allie
I would definitely talk to a mortgage lender in your state. States all have varying rules in regards to this. This sounds like it could be kind of a tricky thing to accomplish, and I would definitely take a professional's advice over someone who may or may not know all the facts here on Answers on Yahoo...

Britteny
dont refinance for 5 years or you will get penilized. stick with what you have.

Bethann
read tips on loans, mortgages and much more to help you on this site

Kaye
I have a question - do you want to refinance? Or since you state you want to leave your first mortgage alone and add a second, do you want to add Dad to title and get a second mortgage or equity line? There is a big difference between the two. And each would be treated differently by lenders. As others have stated, Dad will probably need to be on title for a while (seasoning) before you will be able to do either of the loans.

Deborah
Most lenders want you to own the home for 6 mths to a year. If you are going to use your Dad to refinance at that time. Add him to your title now. It will be seasoned and easy.If you can prove that you have plenty of equity in the home - one of my lenders may be able to refinance - shortly after adding Dad!Let me know how I can help!Patricia

Bertram
That is hard to do if you just bought the house but it can be done.Matt http://www.diversifiedlender.com http://www.minnesota-mortgage-rates.net http://www.refinance-second-mortgage.biz