Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.


Can I Refinance My Home If I Had It On the MLS

If you have recently had your home listed for sale on the MLS there are a few ways that it will affect your ability to refinance the home. First of all be sure to mention to your mortgage professional right away when the home was last listed for sale. Every lender has different requirements and while some can refinance as soon as one day after you pull it off the MLS, some will make you wait up to six months or even longer before they will proceed with a new loan.

You may be asked to provide a reasonable explanation as to why you decided to take the home off the market. Generally lenders and appraisers address this during your loan process. You need to inform your mortgage professional right away when applying for a loan.

The part that gets tricky is the price of the home. If your home was listed on the MLS for 300k and you are trying to use a value of 300k for your loan the lenders shy away. They figure, if it was worth that much then it would have sold. So be careful when determining the value of your home being used for your loan if your house has been listed on the MLS.

There are lenders out there that will not care if you have had your house listed on the MLS. They just want to make sure it has been cancelled and no longer on the MLS at the time of the refinance. You always want to tell your mortgage consultant if you house has been listed on the market. Appraisers must list that your house has been on the market and take photos. If your appraisal comes back with no furniture it will look very bad if you are trying to do the loan as your primary residence.

Most likely, a letter of intent will be required by a lender to establish your intent to remain in the home along with a letter from the listing real estate professional establishing that the property has be pulled off the listing and is no longer offered for sale.

Another important factor is the length of time a property was listed on the MLS. If a property has been listed for six months or more, many lenders will wonder if there are some material defects with the house. The lender will likely reduce the amount they are willing to lend on the property, or refuse to lend any money at all.


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