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Refinance a cash purchase

If we were to borrow money from family to pay for a home in cash, can we refinance it later to pay back family? How long do you have to wait? by kamanda12896 from Northwood, New Hampshire. Oct 9th 2017 Reply


Dick Lee (dlee@indmortgage.com)
#8 ranked lender in Massachusetts - 16 contributions

immediatley

Oct 9th 2017
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Pamela Riesenberg (priesenberg@financeofamerica.com)
#21 ranked lender in New Hampshire - 13 contributions

HI, If you try to pull cash out of your home right away some lenders make you wait 6 months to have deed seasoning. For your particular situation you could call me at 603-893-4100 or visit my website at www.mortgagesbypamela.com Thank you,Pamela

Oct 9th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,908 contributions

Sure, in theory. Of course you would need to be able to qualify for any new refinance loan. As for how long after?? You may have some seasoning rules to deal with depending on many factors... Where did the money come from, are you looking to get back just the money used to buy the home, or are you looking for additional cash out? We call this "deferred financing". If just looking to replace the money used to buy the house, you can usually do it right away. If looking to take additional cash out, you generally need to wait 6 months. For situations like this in MN, WI, or SD, visit me at www.JoeMetzler.com

Oct 10th 2017
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