How soon after a home purchase can we refinance and get cash out to pay off some bills?

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How soon after a home purchase can we refinance and get cash out to pay off some bills?

dipaligopale

Posted on: 18th Nov, 2010 03:41 pm

Looking to get the equity in our home to pay off some credit cards and personal loans.

Total Reply : 2

Hi alshurst,

Welcome to mortgage fit,

Most bank will consider your application only if you have minimum 25 % equity in the home.So if you have that much of equity then you can apply to borrow from bank as equity loan...

Feel free to ask any further query if you have...

DIPA

dipaligopale

Posted on: 18th Nov, 2010 07:19 pm

hi alshurst,

after a home purchase, you will have to wait for 8-10 months in order to refinance your existing mortgage. prior to that, the lenders will not be ready to refinance your mortgage.

adonis

Posted on: 18th Nov, 2010 07:58 pm

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