Investor · Somerville, MA · Member since 2017 · 191 posts · 204 votes
Hey I'm an investor in the KCMO - Kansas City MO, Independence MO markets and wanted to see what people are getting for Refi rates? Any recommendations on banks or lenders?
Also what is the seasoning period these days? 6 months still? And Is that from the time of the property close or from the time property being tenanted? if the property is already tenanted is that waved or is that not the way it works? Thanks so much for any advice for this refi newbie. Very appreciate any info!!!
Rates depend on a variety of variables (mainly: credit scores, property type, loan-to-value ratio, cash back or not), so it's pretty hard to compare notes without that detail to be sure you're comparing apples to apples.
If you just want to refinance what you owe with no more than an incidental amount of cash back (2% of loan or $2k), there is no seasoning period.
If you want to take more cash back there is a 6 month seasoning period.
There is an exception to the seasoning period, however. If you paid cash for a property, it is free of liens when you apply for the loan and you can document where the funds for the purchase came from, you can get a cash back refinance immediately after closing.
Happy to answer other questions... and if you want an idea of rates for your specific situation, PM me.
Rates depend on a variety of variables (mainly: credit scores, property type, loan-to-value ratio, cash back or not), so it's pretty hard to compare notes without that detail to be sure you're comparing apples to apples.
If you just want to refinance what you owe with no more than an incidental amount of cash back (2% of loan or $2k), there is no seasoning period.
If you want to take more cash back there is a 6 month seasoning period.
There is an exception to the seasoning period, however. If you paid cash for a property, it is free of liens when you apply for the loan and you can document where the funds for the purchase came from, you can get a cash back refinance immediately after closing.
Happy to answer other questions... and if you want an idea of rates for your specific situation, PM me.
Investor · Somerville, MA · Member since 2017 · 191 posts · 204 votes
6y
@Ryan Fox that’s awesome. Is this refi’ing our of an investment property aka brrrr? If so, Could you share which bank?!? Feel free to DM me if that’s better?
Investor · Boulder, CO · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Adam Sankowski Are you trying to refi conventionally or commercially? Conventionally, Fannie Mae / Freddie Mac guidelines are 6 months for a cashout or upon tenancy for a rate and term refi. Commercially, it's typically when the property is tenanted or ~90 days (and banks vary on this). Here is a guide to help you out.