Quick Question TCI!
How long can I wait before I can Refi. on my property? The property is triplex under market value price at 120k comps. are about 145-155k I plan to hold onto this one how long should I wait to refi?
Also when you refi. does the bank hand you a check or what. How does this work? TCI thanks for any input you may have
If you are looking to get some cash out of the property why not just have it appraised and then do a home equity loan - a lot cheaper than a refi and same result. Plus home equity rates are low. You could do that right away. Or if your current equity in the property is enough you don't even need to pay for an appraisal. Call some lenders and see how much of your equity you can pull out - then you can make a decision
I agree it would be cheaper to do an equity line of credit. However there are people that do the immediate refinancing at a very high interest rate if that is what you decide to do. The best refinancing numbers are at the 1 year mark, second best would be 6 months etc etc. So unless you have a deal waiting for money, you may just want to do the equity line as stated before