Ok here is my situation. I purchased a foreclosed home in Mid-February and put 20% down. I have recently used a Home Equity line of Credit as well as my credit card to fix this home up. I have a ten year fixed rate mortgage and realized that I have accumulated enough credit card debt to consider refinancing. I am unsure of how soon I can refinance since I have only had one payment on the house already. I have had realtors come over and look at my house and they that the house appreciated around 60-80 thousand after all debts are paid whenever I choose to sell. I know that when I do refinance, I will have to get the home appraised, but how soon can I do that. I know that there is not a fee for paying off my home early as well. I was thinking about using a cash-out mortgage and investing in some commercial real estate with my father.. Which would you choose and why?
Lender usually want you to be at the property for a minimum of 6 months, before refinancing or getting a line of credit email me if have any questions walding714@yahoo.com
You have to wait until you’re on title, which usually takes a month, but, yeah, you can refinance any time you want to as long as you don’t have the prepayment penalty.
You may refinance any time you wish if you have no pre-payment penalty for early payoff. Because of your large down payment and the extensive upgrades to the home you have placed yourself in a very good position.
If the commercial investment looks solid, I would definitely look at a cash out refinance now while rates are still good.
Feel free to email me for further assistance.