Rate and Term refi with spouse as lender
So looks like I just got a property from a wholesaler in South Utah County, Utah (He's sending me the paper work to sign now). I'll be paying cash for the property with a line of credit I have on a investment property I own. after closing I would like to free up this line of credit quickly so I can do another deal.
My Question: Can my wife be the lender on this property so that I can do a rate and term refi with the bank right after closing? Typical cashout refi's require a 6 month seasoning period according to my understanding but I don't want to wait that long. Thanks for any help.
If this is possible should I have a wholesaler send the paperwork under my wife's name as the purchaser or does it have to be in the form of a note of some sort? ( I'm really not sure how to structure this transaction using a "note").
Thanks for any help.
Originally posted by @Ray Loveless:So looks like I just got a property from a wholesaler in South Utah County, Utah (He's sending me the paper work to sign now). I'll be paying cash for the property with a line of credit I have on a investment property I own. after closing I would like to free up this line of credit quickly so I can do another deal.
My Question: Can my wife be the lender on this property so that I can do a rate and term refi with the bank right after closing? Typical cashout refi's require a 6 month seasoning period according to my understanding but I don't want to wait that long. Thanks for any help.
If this is possible should I have a wholesaler send the paperwork under my wife's name as the purchaser or does it have to be in the form of a note of some sort? ( I'm really not sure how to structure this transaction using a "note").
Thanks for any help.
Hey Ray, would like to see if someone has done this or not. Have you looked into getting it refinanced through an internal bank loan? As opposed to a conventional mortgage. I know a bank here that would do a refinance without a seasoning period. Bank loans are a little higher interest and typically 20 year amort., but there is always the option to refinance again. Just something to look into.
Forrest Faulconer
@Forrest Faulconer, Good idea, I'll call some bank and see what I can find. I'll post with what I find out.
