mortage refi

cboothe · Joined: 10 Sep 2008 Posts: 1 1.26 Dollars($)

if I purchase a home with a cash deal how long after
the closing before I can refinance or apply for a mortage?

chrisburns · Posted: Wed Sep 10, 2008 3:44 pm Post subject:

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.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

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.

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