Good morning Investors,
Question, can you do cash out refinance after your property has been place on the real estate market, but didn’t sell?
The answer is no… and yes.
Yesterday, I talked with my home mortgage underwriting team. They stated that a property owner has to wait six months after their listing has expired before they can do cash out refinance.
Why?
The refinance lenders don’t want to remove equity from a property that didn’t sell and use those funds to buy another property.
However, they will allow you to immediately do a refinance mortgage rate and term.
The moral of the story is this: Since equity provides a zero rate of return, have as much equity as possible separated into a side account from outside of the property. That way no one can tell you what you can and can’t do with your money!
Click Here to Send This Page to a Friend
Happy Investing,
Kendall E. Matthews
Phoenix, Arizona Investment Real Estate
