cash buy to refinance
To any lenders or investors out there. If I buy a house cash. How long do I have to own it before I can refinance or take out a loan, please advise. Thank you
Stephanie Garcia
Most Popular Reply
Hi Stephanie,
If you purchase the property free and clear and its owner occupied, depending on the lender you may have to wait 6-12 months as mentioned by @Kyle J.. Now would you be doing a refinance to take cash out or doing a HELOC (home equity line of credit). Also, sometimes it depends on the value of the property, some banks have a minimum amount they are willing to loan out on. I am not sure how the prices are up Sacramento, but I had purchased a condo for 45K cash that I still can't cash out my equity. Call around local banks and get a firm answer if they're willing to refinance for cash out for x-amount. Good luck!