Rookie Refinance question

[Andy Acosta]

Hey BP I have a question in regards to rules for refinance.

I know that when you buy a primary residence, you typically have to live there for a year before you can move. Does that same rule apply when doing a refinance ? I’m approaching a year and Im wanting to refinance and get some cash out, but I don’t want that rule to reset and be at risk for a due on sale after I’ve moved. Thanks !

[Brett Chandler]

@Andy Acosta

There is typically a 6 month seasoning period on a new mortgage. Nothing that says you have to continue to occupy as your primary residence, but it is considered an early payoff if you refi or sell in less than 6 months. How much equity do you have in the place? Have you thought about a HELOC? Much cheaper fees (possibly none). Depending on what you're going to do with the cash and your ability to pay off the HELOC, it might be worth looking into. Good luck!