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after i buy my home i soon can i take OUT A MORTAGE

by LBOS49_343_565 from Grosse Pointe, Michigan. Jan 19th 2013 Reply


Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

Need more information before I can give you a good answer. Did you pay cash, how is your credit, what type of mortgage are you wanting and etc.You need to provide more specific information before you can get a good answer.

Jan 20th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,535 contributions

I am assuming you plan on buying a home with cash, then getting your cash back with a mortgage later?? There are plenty of rules and guidelines you need to be aware of when doing this. If it is owner occupied, you can usually do it pretty quick... but there are a ton of rules including what much as a percentage of the value you can get back, appraisals, increase in value, improvements, etc. If it is an investment property, you need to own the house at least 6 months too. Go sit down with a local non-bank licensed Loan Officer to review all your options. In MN or WI, visit www.MetzlerMortgage.com

Jan 20th 2013
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Jim Brown (www.JimBrownMortgage.com)
#28 ranked lender in New Jersey - 21 contributions

Typically there are lenders who will refinance it in 6 months. They will be looking how you purchased the home in example where did the money come from, gift,savings, etc. Credit etc and ability to pay must be reviewed. Feel free to reach out for more information.

Jan 20th 2013
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Depending on how you bought it and what type of home it is, you may have to wait 6 months.

Jan 20th 2013
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

IFyou bought your home thru private money, most do not pre pay pentalties and you can do within a month, but need more info.. are you looking to add on a 1st / 2nd? cash out?? yourloanpartnerforlife@live.com linda

Jan 20th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

If your saying you will be paying for it in cash then as long as you qualify yes you can. it will be based on the purchase price if you try and refinance it after you buy it, so that will determine your Ltv and it will be considered cash out. After 12 months you can refinance based on the appraised value. I would suggest buying it with a mortgage if possible as your interest rate could be better as a purchase instead of a refi depending on the ltv needed.

Jan 20th 2013
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Jack Cyrul (Jack Cyrul)
#5 ranked lender in Michigan - 94 contributions

I'll need more information to answer your question. Call Jack C. at 734-395-9027 for a free pre-qualification.

Jan 21st 2013
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 531 contributions

Regardless of how long you need to wait, you need to be speaking to a lender right now. If it were me, I would want to make sure I was speaking with a local person. Checking with the Realtor you bought the home from would be a good start. I am in Lansing and would be able to talk you through this on the phone. I could possibly help you from here, but if not, would help you find someone closer. Feel free to call at 517-489-2328 (Mike Silkworth)

Feb 17th 2013
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