Can I do a refi in my situation?
I have closed a deal recently with a hard money lender. Now I plan to refinance for 30 years with a cash back option. Can I do a cash back on a recent one? Price of property $225k appraised at $290k current finance is $196k. I am looking for 80% finance on appraisal. by jrkorson994 from Lake Forest, Illinois. Feb 28th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Assuming you qualify, sure. Your standard cookie cutter 30-year fixed will allow you to get cash out based off the appraisal up to 80% of the appraised value. You may have a seasoning period of 6 months to use a higher value than what you purchased it for. In other words to use 80% of $290k versus 80% of $225k. Ask your Loan Officer about that possible waiting period when you apply. I lend in MN, WI IA, ND, SD. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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