Can I Refinance Right Away If I Buy The House All Cash Free And Clear?
Anyone who can help me out with this will be greatly appreciated, I want to buy this house upstate free and clear for 16K cask, house is worth 45K, and just assessed last month for 45K. My question is pretty sinple, can I take a heloc out on it or can I refi right away without any seasoning issues since I paid all cash??? Thanks in advance!!!
Just did it. Bought my sons house for all cash to speed up the closing and then several weeks later closed on a regular mortgage. It did encure some doubleing up on several charges at settlement, but I assume you could do the same thing with a home equity loan.
If you dont mind me asking, were the closing fees substantially higher??? and can I refi the same week after i take title??
As I remember we paid double on The titlel insurance although we got some kind of discount, processing fee for the settlement, recording fees and misc. Probably cost us about $1500 extra baut keep in mind this is on a $200,000 house so for a lesser house it would probably be less and a different area could mean different fees. Good luck
I had inquired about doing this with a mortgage broker and he told me that for the first year I could not take out more than what I had bought it for. I dont know what the rules are for a mortgage but this is what i was told about equity loans
That sounds like a good strategy that seems feasible but what are your LTVs for the HML.
Well since nobody answered I will give it a shot. I looked into this about two years ago and apparently lenders have no problems with it as long as you are going to live there. I dont think that there is a time frame for living there either ( a month, a year? no one knows or seems to care). The only problem I ran into was building a multi that cashflowed. Cost of new construction was about 115,000 for building, plus land,plus secptic plus driveway, plus plus plus. That was in my area, it very well could be cheaper where you are. Let us know if you find out anything.