Purchase below value and remortgage next day?

guy · Joined: 18 Mar 2008 Posts: 1 Location: UK 1.32 Dollars($)

Hi
I am a UK mortgage broker who is thinking of buying a villa in florida. I purchase a lot of property in the UK for cash or on bridging finance and remortgage to full value the next day. My question is can this be done in the states? If it can do youy arrange your own valuation or does the lender do it?

Thanks

sara

Hi Guy,

Welcome to the forums.

As far as I know, In the US, one cannot refinance just the next day after purchase with a mortgage loan. Generally lenders require 12 months of seasoning that is, 12 months of payments to evaluate how well you've tried paying your loan before they'll allow for a refinance.

But you can always cross-check with other members. Do check this thread from time to time for at least 2-3 days. I'm sure the lenders participating here may be able to give you more insight on this.

Take Care

Guest 0.10 Dollars($)

Thanks for that Sara but what if I purchased for Cash and then wished to refinance? The only credit history they could check would be with my UK residential or investment properties and surely if the Loan to Value was 75% or less then it would not be much risk to the lenders and therefore no "seasoning" would be required or does it not work like that in states?

Thanks

Guy

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Guy,

Welcome to the forum.

If you are buying the property in cash and then want to take a mortgage, it may be possible for you. Have you shop of lenders and has he approved you for it. If you have not talked yet to any lenders then you can get free counseling at http://www.mortgagefit.com/ to know whether you can get approved or not.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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