Typically, how long must you own a home to do a cash-out refinance?

Hankness asked:


I am planning on buying a home that needs a lot of work. I also have some credit card debt I would like to get rid of. I have the 10% to put down and have been pre-approved for a mortgage.

If I buy this home, can I then turn around and do a cash-out refinance for, lets say, 80%-90% of appraisal value? Would I have to wait a certain period before a bank would do this?

Gary

Tags: Credit Card Debt, Lot, Mortgage

This entry was posted on Tuesday, January 6th, 2009 at 3:29 pm and is filed under Renting & Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Typically, how long must you own a home to do a cash-out refinance?”

1. budhah1 Says:
   January 8th, 2009 at 8:31 pm

   Once you get the house back into good shape, and the value is back above where you financed it in the first place you can get it reappraised and start over on your new loan for the unit. Or get a second mortgage.. Time factor is not a big deal,, the equity in home is the deciding factor.

2. Jennifer Says:
   January 9th, 2009 at 12:12 am

   Hi,
   I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:

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