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Jain P.
  • Investor
  • Modesto
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14
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Refinance immediately after purchase loan close (investment prop)

Jain P.
  • Investor
  • Modesto
Posted Jun 18 2021, 12:26

Can i refinance immediately next day, after closing the purchase loan on investment property.

City: Jarrell, Texas - 76537

The local city lender which i picked has following :

Advantages: 

1.)Can commit to close on time. 

2.)Which means my earnest money of $10K is not at great risk. 

3.)They have good network of appraisal folks, so they can get that in 1 week timeframe.

Disadvantages: 

1.)Section A: origination fees, discount points and worst rate overall, 

2.)No lender credit. 

3.)Total $5K cost difference compared to online lender, along with 1% interest rate difference.


Online Lender: LoanDepot, Better.com, which provides competitive rates.

Local Lender: Keeping it anonymous in this forum.

Also, if it is allowed, can i bump up my interest rate way higher, so that my closing costs(A+B+C+E) are close to $0, so that immediate refinance will not cost be double closing costs?

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