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Refinance with cash out on a condo

I bought a condo back in July, 30 years at 5%, I'm looking to refinance for 20 or 15 years and take 5% cash out. Do I have to wait 6 months, and my credit is 805. by margar_567_437 from Trenton, New Jersey. Nov 4th 2011 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

I'm assuming you have a conventional loan, so 12 months seasoning period is required, but the bigger question is has your property increased in value by 5%?? and does it make sense to pay 3000 to 4000 to refinance only to pull out 5%?? you might be better off applying for a HELOC, Home Equity Line of Credit... you can get access to cash immediately with no seasoning required. Or if you just do a Rate and Term refinance to get your rate down to 4%, or shorten your term, and after you close, get a HELOC, you will accomplish your goal. However you will still have to wait the 6 months. WilliamAcres.com

Nov 4th 2011
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Aaron Brown (aaron.brown)
#78 ranked lender in Arizona - 37 contributions

Most likely, you will have to wait 7 full months from purchase date to apply for a cashout refinance. If this is your primary residence, you'll be capped at 80% of the appraised value. Aaron Brown-Flagstar Bank480-538-0611 Ext: 226

Nov 4th 2011
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Ron Wohlfarth (RonWohlfarth)
#34 ranked lender in New Jersey - 65 contributions

Good Morning Margar__...Before you proceed with this refinance, let us look at your:1--Mortgage Statement...2--Mortgage Note...Once we receive that we will review your Condo community to determine a probable value of your unit...Any questions or concerns, please contact us...Thank you RonMoney@RonWohlfarth.comwww.RonWohlfarth.com

Nov 6th 2011
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