Refi.

I just bought a house and got a killer deal on a land contract. When the appraisal came back I had my 80% plus a 12,000. more than what I bought it for. I am now looking to refi. the house and pull out the 12,000.00 of equity and pay the 30 day contract off. Is this possible? Or do I have to own the property for a longer length of time? So far all the players involved in this say that it's a go. Just trying to cover all my bases, is there anything that we might be missing? I don't want any surprises at the time of refinancing. Tripp

[ Edited by Tripp on Date 01/22/2004 ]

[ Edited by Tripp on Date 01/23/2004 ]

[ Edited by Tripp on Date 01/24/2004 ]

[ Edited by Tripp on Date 01/24/2004 ][ Edited by Tripp on Date 01/25/2004 ]

Comments(2)

  • Stiffler31st January, 2004

    My experience has been banks want you to hold on to the mortgage for at least 120days. Check with your broker.

    My parents have a place near Foster City

  • tinman17558th February, 2004

    The bank will probably flip it to a lease option purchase with a credit since you don't have a seasoned Land Contract of 12 Months. But they are done all the time in MI. no big deal

    Lori
    go for it
    [addsig]

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