Seasoned Mortgages
I am trying to learn as much as I can about real estate and keep running across the term "seasoned mortgage".
What does this mean?
Thanks :-?
I am trying to learn as much as I can about real estate and keep running across the term "seasoned mortgage".
What does this mean?
Thanks :-?
It means different things to different lenders.
Criteria for "seasoned" mortgages can range from 1 day to 1 year.
Chevy Chase Bank, for instance, allows you to refi a day after your loan funds.
Other, more traditional lenders can sometimes require a year before they consider anything "Seasoned".
Seasoned basically means that the funds or mortgage have aged. Some Lenders require a fine wine and others do just fine with boxed.
hope this answers your question.