BRRRR

[Brad Glasby]

Hello,

Do you have to wait a year after a purchase to refi or get a home equity loan? We purchased the home with cash and I don't see why the banks are telling us we have to wait a year. Any suggestion?

[Christopher Phillips]

Previous guidelines from Fannie Mae required you hold title for six months before you could pull cash out of the house. This changed back in 2011.

But that doesn't prevent banks from sticking to the old requirements.

So, you just have to shop around.