Cash out refinancing

[Ron Singh]

Question on how cash out refinance works and any risks involved?

brought a house for cash,

updated /paint, floor, landscape etc

rented it for couple months

- is it good to go for cash out refinance ? or try after 6 months of renting ? does this duration matters at all ?

- for appraisal, do they go inside the house or look from outside only ? since its rented and tanent living there,so have to coordinate, if they have to go in.

- is it better to have appraisal done inside and outside both for max value , any suggestions?

- if I try multiple lenders for cash out refinancing , Is it going to be hard enquiry on credit from all ?

- dose appraisal process require home inspection ? while tanet are living there and nothing major has been changed.

- any tips to get max value ?

[Jerry Padilla]

@Ron Singh

You will get the max cash out after 6 months of owning the property, without restrictions. You can start the process prior to 6 months and then close at that time. 
An appraiser is going to want to see the inside and outside of the property in a refinance. They will also want to know what improvements you made to the property to increase the equity. 
You don’t need a home inspection. The appraisal will make note of anything major that may need to be addressed for financing. 

[Ron Singh]

Thanks @Jerry Padilla

would it be better if owner is available, so can explain them better or let them do their own, or may be send a list of improvements ahead of time ?

[Jerry Padilla]

@Ron Singh

The appraiser will reach out and schedule an appt with you to view the property. At that point, get their email address and email them all of the improvements that you did to the property.

[John Burtle]

-" if I try multiple lenders for cash out refinancing , Is it going to be hard enquiry on credit from all ?"

From my experience one of the lenders will ask you to type out a letter explaining that you're mortgage shopping, which will explain why there's so many hard enquiry's showing up.