Bank Referral For Chicago Suburb Refi

5 Replies

Any recommendations on good banks to work with for cash out refis in suburbs?

@Caleb Childs I wouldn’t use a bank. I would use a mortgage banker or broker. They will shop rates. Shop products. Guidelines will differ from bank to bank. That’s your best bet for getting a solid deal and the most out of your cash out.

There are many reputable ones in the area. 

Feel free to PM me if you want any more info.

Originally posted by @Caleb Childs :
Any recommendations on good banks to work with for cash out refis in suburbs?

 Agree with Jeff, I always suggest a broker as they have more options.

Is it a pretty standard cash out? How many properties do you have Is it OO or NOO? How long have you had it?

@Jeff Dulla thanks for the info Jeff, sending you a PM

@Brie Schmidt it will be a standard cash out for 1 SFH. It's currently NOO. I've had the property for 1 month and have been renovating it so that my fiancé can move in at the end of the month. Then plan to rent it out around June or July and start the refi process. Does that seem feasible? From what I have read most lenders require a min seasoning of 6 mos right?

@Caleb Childs Very common question these days. You can get cash out but not beyond the original purchase price really (called delayed financing). I want to hear more about it being NOO but your fiance moving in, etc.

To get more than the purchase price out, we would need to wait six month or explore some non-prime options. 

Originally posted by @Jeff Dulla :

@Caleb Childs Very common question these days. You can get cash out but not beyond the original purchase price really (called delayed financing). I want to hear more about it being NOO but your fiance moving in, etc.

To get more than the purchase price out, we would need to wait six month or explore some non-prime options. 

Good to know. So we purchased the property with private money (her dad) in early December. I have been rehabbing it since then and she plans to live in it until we get married in July. So my thought is that we start looking for renters in June so they can move in ASAP after she moves out. Then plan to start the refi process bc it would be 6 mos after purchase.

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