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cash out refinancing

Posted on: 12th Jul, 2009 05:45 am
I have an investment property in Atlanta, GA. Would it be possible to do cash-out refinancing?

Does any one know any lender does refinancing without seasoning requirement?

Your help would be highly appreciated.

Thanks in advance.
what is your equity in property? or is it free from any morgage?

you can compare cash out financing option against second mortgage by referring http://www.mortgagefit.com/calculators/cashoutrefinance-secondloan.html
Posted on: 12th Jul, 2009 07:58 am
There is no mortgage on the property.

I purchased the REO property about 3 months ago, all cash deal. I want to refinance the property (tenant is going to move in). But I heard there is seasoning requirement. How do I get refinancing in Atlanta GA by getting around seasoning requirement? Any details about non-seasoning refinancing would be highly appreciated.

Thanks.
Posted on: 12th Jul, 2009 03:05 pm
Hi tigerfamous,

If you do not have a mortgage on the property, then there's no question of refinancing the property. I guess the property is free and clear. In that case, you can simply apply for a loan with any lender. The lender will look into your credit report and income before approving the loan for you. You can speak to a few more lenders of your area and get an idea about the current market rates and terms.

Thanks
Posted on: 12th Jul, 2009 07:28 pm
Hi jamesshogg,

The issue is that lenders have put seasoning requirement on refinancing properties that were held in owner's name in less than 6 months. I have spoken to many different lenders/mortgage brokers, they all told me the same story -- they all have seasoning requirement.

I would like to know if there are any lenders who do not have seasoning requirement.

Thanks.
Posted on: 13th Jul, 2009 09:12 am
I like this forum
Posted on: 13th Jul, 2009 09:36 am
tiger, the only way in which you'll avoid seasoning is by using an alternative lending source (see "subprime"), or by consulting with a local, community-based bank or credit union - a bit less likely than "alternative."
Posted on: 14th Jul, 2009 08:22 am
Hi gmakerley,

What are the alternative lending sources? Are their rates much higher than other lenders?

Credit Unions might be a good choice. But I am out of state investor, so I am not sure if that works for me.

Thanks.
Posted on: 14th Jul, 2009 12:27 pm
You'll have to be a member of credit union in order to get a loan from them.
Posted on: 14th Jul, 2009 11:32 pm
tiger, "alternative" is another word for what i would consider the new subprime lending market. in other words, you won't find chase, bank of america, wells, countrywide, prospect and all the other "big-time" lenders willing to help you. you have to seek out a broker (probably) to find out who they know that offers out of the ordinary products.

i agree with you - being an out of state investor could be an issue with a credit union.
Posted on: 15th Jul, 2009 08:30 am
Hi gmakerley,

Thank you for the clarification. My guess is that it would be hard to find "alternative" lending sources in this economic situation, since they do not want to take any risk even if it may not be that risk.

Thanks.
Posted on: 16th Jul, 2009 01:22 pm
I think if you have a lot of equity in your house, you can still try more local lenders, maybe they can help since they are more familiar with the market. Hope this helps.
Posted on: 19th Jul, 2009 08:54 pm
I think if you have a lot of equity in your house, you can still try more local lenders, maybe they can help since they are more familiar with the market. Hope this helps.
Posted on: 19th Jul, 2009 08:54 pm
I think if you have a lot of equity in your house, you can still try more local lenders, maybe they can help since they are more familiar with the market. Hope this helps.
Posted on: 19th Jul, 2009 08:55 pm
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