Posted by Tony james on December 09, 1999 at 09:32:21:
If they want to see seasoning…is there a way to pay 6 months mortgage payments in advance?
refinance without waiting - Posted by Judd Watson
Posted by Judd Watson on December 08, 1999 at 22:28:14:
Does anyone know where I can refinance and cash out at the after repair value immediately after my rehab work is done? I will have owned the house for about six weeks and don’t want to wait six or more months to get the new appraised value.
Re: refinance without waiting - Posted by One way to do it…
Posted by One way to do it… on December 10, 1999 at 18:43:17:
Around here you can get a “personal loan” which is also secured by a lien on the property. After the renovations are complete you get an appraisal and a new Mortgage based on the appraised value.
The “loan” is paid off by the proceeds from the mortgage and the balance goes in your bank account.
I have done this on properties that were “too far gone” to get a mortgage. The only disadvantage is I pay a higher interest rate on a “personal loan”.
Re: refinance without waiting - Posted by Alicia - IL
Posted by Alicia - IL on December 09, 1999 at 07:21:19:
Hello, I’m a loan officer with a mortage broker in illinois… I do know some lenders who do not require seasoning, but I’m not at the office right now with phone numbers in hand. Feel free to email me directly @asierrastl@aol.com and I’ll try to bring the numbers home with me. Typically, it’s max 80% cash out on a N/o/o with qualifying credit scores –
- Alicia