 Lender for cash out refi (by Chris [OH]) Sep 25, 2018 4:38 PM
 Lender for cash out refi (by GKARL [PA]) Sep 25, 2018 4:58 PM
Lender for cash out refi (by Chris [OH]) Sep 25, 2018 5:31 PM
Lender for cash out refi (by JB [OR]) Sep 25, 2018 5:46 PM
Lender for cash out refi (by Deanna [TX]) Sep 25, 2018 5:57 PM
Lender for cash out refi (by Chris [OH]) Sep 25, 2018 6:25 PM
Lender for cash out refi (by fred [CA]) Sep 25, 2018 7:35 PM
Lender for cash out refi (by Chris [OH]) Sep 25, 2018 7:48 PM
Lender for cash out refi (by NC INVESTOR [NC]) Sep 25, 2018 11:14 PM
Lender for cash out refi (by LindaJ [NY]) Sep 26, 2018 5:56 AM
Lender for cash out refi (by dan [TX]) Sep 26, 2018 6:37 AM
Lender for cash out refi (by Chris [OH]) Posted on: Sep 25, 2018 4:38 PM
Message:
Hello,
I have a property I purchased in Aug. I have the appraisal back and am working with my usual lender/broker on a refi. Unfortunately, it may not happen as quick as I need it due to some things that are outside of my control.
My question, what's the best way to find new lenders to do a refi, and quickly? Do I just call different banks? Sorry if this is a dumb question I just don't have a lot of experience in this area.
Also it should be noted that I've already checked with 2 banks that I have accounts with, and the first does not do commercial loans, and the second one will not do a refi until I have owned the property for at least 6 months.
Thanks in advance for any input
--166.137.xx.xx |
Lender for cash out refi (by GKARL [PA]) Posted on: Sep 25, 2018 4:58 PM
Message:
If you're new to the business and this is your first property, they may want you to season the loan. Check with a local small bank or credit union. Terms on commercial are generally more flexible. Might be able to just set up a line of credit rather than a full refi. --209.122.xx.xxx |
Lender for cash out refi (by Chris [OH]) Posted on: Sep 25, 2018 5:31 PM
Message:
Thanks.I currently have 4 properties, with mortgages on 2 of them (trying to add a 3rd here). Everything on my end is great (DTI, credit score, reserve capital, etc.).
Anyway, sounds like I just need to call around and/or go in to a few banks and talk with them. --166.137.xx.xx |
Lender for cash out refi (by JB [OR]) Posted on: Sep 25, 2018 5:46 PM
Message:
So you've owned it one month and already looking to refi? What gives? --24.20.xxx.xxx |
Lender for cash out refi (by Deanna [TX]) Posted on: Sep 25, 2018 5:57 PM
Message:
Is there anything that's keeping you from owning it for 6 months before you do your refi?
You just need to get through Halloween, Thanksgiving, Christmas, and New Year, and by February, you should have no problem. This time of year goes by so fast!
But six months under your original terms shouldn't be onerous, unless...? --96.46.xxx.xx |
Lender for cash out refi (by Chris [OH]) Posted on: Sep 25, 2018 6:25 PM
Message:
Good questions,
The reason for the fast refi is I need to put a chunk of cash back in my Roth within 60 days as I used the funds for a RE purchase. --166.137.xx.xx |
Lender for cash out refi (by fred [CA]) Posted on: Sep 25, 2018 7:35 PM
Message:
Please don't hate me for interrupting...
You should never use retirement money for speculating.
(Real estate is not a sure thing, just like the stock market). --99.59.x.xxx |
Lender for cash out refi (by Chris [OH]) Posted on: Sep 25, 2018 7:48 PM
Message:
I don't hate lol. It was a calculated risk I took based off how quickly my lender refi'd my last property (and the purchase was for a property that should generate a 22%+ CoC return). The refi with that lender may very well still hapoen on time, I'm just planning for worst case scenario. It's not a matter of if I don't get the money back, it's more a matter of timing to hit my 60 day allowance. Make sense? --166.137.xx.xx |
Lender for cash out refi (by NC INVESTOR [NC]) Posted on: Sep 25, 2018 11:14 PM
Message:
Conventional loans on OO properties is not a requirement but all banks require it on NOO properties since they are considered higher risk especially after the first 2.
You do not need a commercial loan. FHA allows 10 properties including investment properties although most banks will limit you to no more than 4 mortgages in total irrespective of occupancy type.
If you need money quickly get a line of credit or a HELOC on your residence or a mortgage on one of the two properties that do not currently have a mortgage and when you meet the seasoning requirement on your investment use proceeds from the refi to payoff the other loan.
There are dozens of funding companies around who would give you a short term working capital loan which may be cheaper in the long run than the penalty for not meeting the 60 day limit on Roth advances - ordinary income tax on the funds plus 10% penalty. --98.121.xxx.xxx |
Lender for cash out refi (by LindaJ [NY]) Posted on: Sep 26, 2018 5:56 AM
Message:
Rates for cash out refinance is higher than for purchase mortgage, and rates for non owner occupied is higher than owner occupied. A home equity loan or personal loan might be a better option.
You might try a mortgage broker, AND call banks and credit unions. The mortgage brokers do not always use the local banks and credit unions in their search. Either way, it is not a quick process. --108.44.xx.xx |
Lender for cash out refi (by dan [TX]) Posted on: Sep 26, 2018 6:37 AM
Message:
I use my local credit unions --161.226.xxx.xxx |
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