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,
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.
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.