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Mortgage Community Forums | Loan Talk for First Time Home Buyers | how long to wait to refi or ask for line of credit?

how long to wait to refi or ask for line of credit?

Posted on: 24th Sep, 2009 09:02 am
I have a house under contract as an investment. When I buy the property can I refi or get a lone of credit right away to use the money for repairs/cash out. I would be taking a loan to buy the house and wanting to pay back the original loan with the cash out.
If you are goign to equity in teh house after you buy it technically you can get a equity loan, but in this market situation, the lender might think twice before they can approvae you for one more loan immediately
sunnyca2009
Posted on: 24th Sep, 2009 10:19 pm
hi buynsell,

if you take a mortgage to buy the property, then you won't be able refinance it immediately. you will have to wait for at least 8-10 months and then apply for a refinance. the lenders won't be ready to refinance your loan immediately.
adonis
Posted on: 24th Sep, 2009 10:40 pm
adonis I am nto sure if thts true if there is equity in the house afetr you buy

I know that may really diffuclt, but situations can vary
sunnyca2009
Posted on: 25th Sep, 2009 05:39 am
Thanks for the good help. If I bought this place as an investment property would I get a smaller % when I do refi because it's not a primary residence. I'm trying to pay cash for the house but my loan plan didn't work out.
buynsell4u5
Posted on: 25th Sep, 2009 06:54 am
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