Updated over 4 years ago on . Most recent reply
HELOC without the 6 month seasoning requirements
Hello BP, Hopefully you can help with this one.
I recently purchased a new primary residence. It was part of a negotiated sale and I got a smokin deal. Since the sale I've moved quick and remodeled and improved the whole property. In doing so I was able build in a lot more equity. As many of us do, I use the equity in my primary residence to assist in cash flow with other investment activities. I'm running into a hurdle with the typical 6 month seasoning requirements to access the full equity amount with a HELOC or cash out second. I'm curious if anyone knows of a lender that operates in Colorado that does not require a seasoning period and will go head and provided a HELOC or Second Mortgage based on the newly appraised value and not the purchase price. With the possible interest rate increases this year I would really prefer not to wait 6 months to get this done. Looking forward to any assistance or contacts.