Waiting Period

I just purchased a 4plex last month. the property has about 70K in equity. Is there a standard waiting period before you are able to abtain a HELOC on it. I would like to use this money to finace the down on my next property.

P.S I' am in Los Angeles Ca,

Comments(2)

  • DaveT22nd December, 2003

    You have to talk to your lender. Some will want to see some title seasoning, while others won't care.

    About a year ago, I asked Countrywide what their title seasoning requirement was for a rate and term refinance -- their answer: "One day".

    I then asked what their title seasoning requirement was for a cash out refinance, their answer: "It depends on the amount of equity still left in the property, but we like to see six months".

    I asked a loan officer at a mortgage lending institution (a bank) the same question and his response was that he has investors who will fund a "good" loan without regard to title seasoning.

    You need to shop around.

  • jpulido22nd December, 2003

    Is there a preference that will gain better results? Using Heloc Vs. Refi? My interest on this loan is a 6%. I don't believe a could do better if I Refi, therefore I considered the Heloc instead. Comments.

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