Cash out Refinance Question

4 Replies

Good Morning BP!


So I previously posted about our recent rental that we bought and rehabbed with cash. We found a lender that we planned to refinance with in 6 months, but on that thread where I previously posted about this property, someone recommended setting up the refinance so we can settle in exactly 6 months. I asked my lender about it and he said that the application process can't even begin for 6 months. 

Any lenders out there that would consider a cash out refinance in less than 6 months or that would consider starting the application process now so that we are able to settle in 6 months ( last week of November/first week of December)?

Thanks!

How long have you owned the property? Is it rented already? 

Most lenders are pretty conservative these days when it comes to cash out. Your best option may be a local bank where you already have contacts and know the people.


@Jaron Walling We bought it on May 29, 2019, so we have owned it for almost 4 months. It's been rented for a month ($1,500/month). It'll probably appraise for 140,000, but I'm looking to cash out about 85-90,000. 

@Alex Smith

You can start the process sooner than 6 months and close the day after you hit 6 months. It may be that lenders overlay. Let me know if you have any additional questions.

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