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buynsell4u5 · Joined: 24 Sep 2009 Posts: 4 1.46 Dollars($)

I have a house under contract as an investment. When I buy the property can I refi or get a lone of credit right away to use the money for repairs/cash out. I would be taking a loan to buy the house and wanting to pay back the original loan with the cash out.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

If you are goign to equity in teh house after you buy it technically you can get a equity loan, but in this market situation, the lender might think twice before they can approvae you for one more loan immediately

adonis · Posted: Thu Sep 24, 2009 10:40 pm Post subject:

Hi buynsell,

If you take a mortgage to buy the property, then you won't be able refinance it immediately. You will have to wait for at least 8-10 months and then apply for a refinance. The lenders won't be ready to refinance your loan immediately.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

adonis I am nto sure if thts true if there is equity in the house afetr you buy

I know that may really diffuclt, but situations can vary

buynsell4u5 · Joined: 24 Sep 2009 Posts: 4 1.46 Dollars($)

Thanks for the good help. If I bought this place as an investment property would I get a smaller % when I do refi because it's not a primary residence. I'm trying to pay cash for the house but my loan plan didn't work out.

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how long to wait to refi or ask for line of credit?