Posted by Ed W on January 02, 1999 at 10:14:48:
There are numerous lenders that do cash out/ re-fi’s,
I do this almost exclusively.Go to mortgage brokers,
stay away from the big banks they have to many
internal regulations.
cash out/refi of new loan - Posted by John (MD)
Posted by John (MD) on January 02, 1999 at 06:33:16:
Are there any lenders out there, who refi or cash out on property that has just been purchased? do they make loans in Maryland? The brokers/lenders I’ve talk to, tell me I must make payments six months or more,before I can refi out with cash,the first mortgage is never more than 50% of as is/quick sale value. Thanks
Re: cash out/refi of new loan - Posted by SCook85
Posted by SCook85 on January 02, 1999 at 23:59:20:
John,
I hope that I am correct in assuming that you are from Maryland. I know what you mean. We have one of the highest foreclosure rates in the country and most of the non conforming programs have dried up. Seasoning is required on a home in order to sell it now. I can’t get bank financing in the sub prime market for properties that I have not had title for 6 months. Refi programs have all dried up. However I do have some help for you. I know of one source in Maryland that will do non seasoned refis of rowhomes, and I have another source for detached homes and one private person who will do about 70% LTV cash out refis on almos anything. Email me and I’ll do what I can to help.
SCook85
Re: cash out/refi of new loan - Posted by Robert McNeely
Posted by Robert McNeely on January 02, 1999 at 12:52:19:
Check with some smaller banks in your area. I do this with a local bank in ohio. Giving me 80% of apprasial and at owner occupied rates.