Posted on: 10th Sep, 2008 03:28 pm
if i purchase a home with a cash deal how long after
the closing before i can refinance or apply for a mortage?
the closing before i can refinance or apply for a mortage?
you can do a no seasoning cash out refinance but the loan to value will be based off of the purchase price.
So for example if you bought a house for $80K that is worth $100K... you will only be able to refinance 90%-95% of the $80K purchase price.
It takes 12 months before you can base the loan amount off the appraised value.
So for example if you bought a house for $80K that is worth $100K... you will only be able to refinance 90%-95% of the $80K purchase price.
It takes 12 months before you can base the loan amount off the appraised value.
Your better off financing the purchase since you will get better terms on the mortgage and will not have two pay title costs twice. I don't see any benefit to pull the cash out after purchase when you can accomplish the same thing with lower costs by keeping the money in your pocket.
