Posted by Dimpil on October 12, 2003 at 15:38:11:
1st, I’d check with my accoutant to be sure.
2nd, You would get a break on title insurance as long as you used the same title company. Appraisal would still be valid.
3rd, I’d get my financing together for the second close to make sure it would be under the 59 days. Get everything you need to submit to the lender, get the broker or if you are going to a bank, bank loan officer to pre approve you based on your income docs and such and proposed refi amount, that way all you have to do it bring in appraisal and order title (or they would have to order title) after you close on purchase. If you line everything up right and depending on the load of the closing attorney, you should be able to close in 5 days and this is assuming appraisal if good for new lender/bank.
4th, don’t worry about the closing cost, they usually can be taken off your taxes so it’s another business expense.
But as I said it’s important to get everything lined up 1st on the back end before you move on the front end. Leave no stone unturned and make your broker/banker give you a list of EXACLTY EVERYTHING he needs, no surprieses, and make sure you tell him you are refinancing a purchase you just made and what will they refinace, purchase price or appraised value.
The more quesitons you ask (and a broker may be better then banker) no matter how stupid you think they are the better off you will be. After all, this is your money and your time and your investment so you owe yourself full disclosure.