I have been Reading a lot of posts and threads on here regarding .... Cash-Out Refi.
I just purchased a Property , and am wondering if I will have a good chance to Do a Cash-Out Refi. RIGHT NOW ? :)
I have heard that for a Cash-Out Refi. ( Unless using a Portfolio Loan ), that you have to wait for a " Seasoning " period to pass of ..... 6 - 12 Months ( Lender dependent )
Since I have just purchased this property as my Primary, I am wondering that by having $40,000 in Equity ( based off my The Appraised Value , minus my All In costs )
My All in = $68,000
The Appraised Value came in at $108,000
So a total of $40,000 in Equity
80% LTV x $108,000 = $86,000
$86,000 - $68,00 ( My All in costs ) = $18,000 ( rounded off )
At an 80% LTV , that would Still leave the Lender " Covered " at an LTV of 80% =( $22,000 )
Given the Above numbers, Do I even have a Prayer in having my Lender lending me the $18,000 of Equity ..... And overriding a Season Period, given that the house was just purchased ?
Thanks for any and all insight and advice
You will have better luck obtaining a HELOC. Have that appraisal handy, keep your lips zipped about the purchase price unless someone asks.