Posted by Gary on February 06, 2001 at 14:45:58:
I am doing one right now at 90% of appraised value through Greenpoint Mortgage. But you need to have owned the property one year. You can refi if you have owned it for 6 months but the penalties are stiff- 1.5-2% higher rate and prepayment penalties…I am pulling out about 6k after closing costs to buy another property and to lower my interest rate…Good luck.