I'm looking for some advises and please excuse me if the answer is out there and I have over looked it. I have been approved for an investment loan, and the credit union stated I would have to get a 7 or 5 year fixed rate loan then it becomes variable after that. This was do to me not living in the home. How can I refi quicker to get my down payment out and move to another deal? How else could I handle this?
Real Estate Consultant · USA · Member since 2014 · 1k+ posts · 751 votes
6y
I'm not sure what you are trying to do but you would have to wait until the property appreciates so you can refinance based on the higher value. Otherwise, the lender will not allow a loan to value greater than what they have already approved you for.
Realtor · Jacksonville, FL · Member since 2019 · 76 posts · 42 votes
6y
@Todd Fite The issue you are dealing with is the "title seasoning" period imposed when doing conventional loans. Typically commercial loans have no such period. Have you considered that path?