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Refinance duplex

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Sharon1243 Guest	Posted: Tue Jan 03, 2012 3:00 am    Post subject: Refinance duplex Like 0 Dislike 0 Hi there… I'm buying a duplex and will be closing by the end of this week. I have known that its worth is about twice as much as the purchase price. I have a credit score of 730 right now. I will like to refinance it soon. Is refinancing as good as it used to be? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Tue Jan 03, 2012 3:30 am    Post subject: Like 0 Dislike 0 Sharon, you won't be able to refinance your mortgage immediately after you take out a loan. You will have to wait for at least 8-10 months in order to qualify for a refinance. The refinancing rules haven't changed. You will be liable for paying the closing costs when you refinance the loan. _________________ Good is the Enemy of Great.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Tue Jan 03, 2012 5:00 pm    Post subject: Refinancing Like 0 Dislike 0 Refinancing is not as good as it used to be, but, it could be. You can refinance right away if you want to refinance based on the purchase price of the house. With some mortgage programs you may have to wait a year before you can refinance and take cash out based on the appraised value. There are portfolio lenders who let you do cash out based on the appraised value the very day after you buy it. Portfolio lenders are regional and local, so, it depends where you are as to what you have access to. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
Guest	Posted: Thu Jan 05, 2012 3:54 pm    Post subject: Like 0 Dislike 0 You will need 12 months seasoning on the new title before the lenders will consider the' appraised value' for computing LTV(loan - to - value) or take cash out. The days of closing today and doing a cash out tomorrow are over.
tomburris Community Expert Joined: 03 Oct 2007 Posts: 135 Location: North Dallas 19.12 Dollars($)	Posted: Thu Jan 05, 2012 3:55 pm    Post subject: Like 0 Dislike 0 You will need 12 months seasoning on the new title before the lenders will consider the' appraised value' for computing LTV(loan - to - value) or take cash out. The days of closing today and doing a cash out tomorrow are over. _________________ Tom Burris Mortgage Banker 214-763-4629 cell/text/nights/weekends http://www.dallasloanguy.com/ Location: North Dallas, TX Coverage: The entire Great State of Texas NMLS# 335055

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