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Updated about 7 years ago on . Most recent reply

User Stats

36
Posts
23
Votes
Kayla Oliver-Pratt
  • Real Estate Agent
  • Orlando, FL
23
Votes |
36
Posts

Can You Immediately Refinance out of Hard Money?

Kayla Oliver-Pratt
  • Real Estate Agent
  • Orlando, FL
Posted

We brought our first buy and hold property a month ago with hard money @ 14% & 4 points for 12 mos. We would like to refinance out of this loan and into a long term better rate ASAP; however, one mortgage lender told me that they require at least 6 months seasoning before they can refinance. Has anyone experienced this before and is it possible to get long term financing without a seasoning period?

Most Popular Reply

User Stats

2,377
Posts
747
Votes
Harjeet Bhatti
  • Lender
  • Glenview IL- CDLP NMLS#230554
747
Votes |
2,377
Posts
Harjeet Bhatti
  • Lender
  • Glenview IL- CDLP NMLS#230554
Replied

@Kayla Oliver-Pratt  You can refinance as rate and term any time but if want to cash out you have to wait 6 month under conventional loan.

  • Harjeet Bhatti
  • Loading replies...