Burning Bridges With Banks After Refinancing?
I am planning to purchase rental properties by using a HELOC on my primary for the down payment. The goal is to then refinance the new rental property after about 6 months then rinse and repeat. My question is, would the original bank that I used to purchase the rental property, frown upon the fact that I am refinancing after such a short period of time? Would this lead to them no longer wanting to approve a mortgage for me in the future?
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Shaun Weekes
- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
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Sean,
Most banks sell the loans off and if you're waiting 6 months you'll be fine. Heck even if you waited one month you're not going to hurt anyone’s feelings.
If you were happy with the bank use them again so they get the business. And if you weren't happy with them take your business elsewhere.
At the end of the day refinancing after a 6 month period is normal so your bank won't frown upon this transaction.
I hope this helps and have a great day Sir.