Posted on: 03rd Jan, 2012 02:00 am
hi there… i'm buying a duplex and will be closing by the end of this week. i have known that its worth is about twice as much as the purchase price. i have a credit score of 730 right now. i will like to refinance it soon. is refinancing as good as it used to be?
Sharon, you won't be able to refinance your mortgage immediately after you take out a loan. You will have to wait for at least 8-10 months in order to qualify for a refinance. The refinancing rules haven't changed. You will be liable for paying the closing costs when you refinance the loan.
Refinancing is not as good as it used to be, but, it could be.
You can refinance right away if you want to refinance based on the purchase price of the house. With some mortgage programs you may have to wait a year before you can refinance and take cash out based on the appraised value.
There are portfolio lenders who let you do cash out based on the appraised value the very day after you buy it. Portfolio lenders are regional and local, so, it depends where you are as to what you have access to.
You can refinance right away if you want to refinance based on the purchase price of the house. With some mortgage programs you may have to wait a year before you can refinance and take cash out based on the appraised value.
There are portfolio lenders who let you do cash out based on the appraised value the very day after you buy it. Portfolio lenders are regional and local, so, it depends where you are as to what you have access to.
You will need 12 months seasoning on the new title before the lenders will consider the' appraised value' for computing LTV(loan - to - value) or take cash out.
The days of closing today and doing a cash out tomorrow are over.
The days of closing today and doing a cash out tomorrow are over.
You will need 12 months seasoning on the new title before the lenders will consider the' appraised value' for computing LTV(loan - to - value) or take cash out.
The days of closing today and doing a cash out tomorrow are over.
The days of closing today and doing a cash out tomorrow are over.
