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Is it easy to refi?

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Money Talk > Real Estate

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RandRmoney
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Is it easy to refi?  Reply with quote  

About to close the deal on a duplex and I know its worth about twice as much as the purchase price.

My credit is cool...700+. Is refinancing as sweet as it used to be.

I am paying cash to lock down the deal and I want to get my cash back.

Talk to me people.
Post Thu Aug 25, 2011 12:41 am
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jfurnish
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Re: Is it easy to refi?  Reply with quote  

quote:
Originally posted by RandRmoney
About to close the deal on a duplex and I know its worth about twice as much as the purchase price.

My credit is cool...700+. Is refinancing as sweet as it used to be.

I am paying cash to lock down the deal and I want to get my cash back.

Talk to me people.


they just want the paper work to all be in order so it seems like it takes longer than it did but you can still get it done.
Post Thu Aug 25, 2011 12:54 am
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coaster
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I just closed today on a refi on my home. This was the toughest, with the most hoops to jump through, and the most paperwork. My impression was most of the extra hoops and paperwork were solely due to the government, not to the lender. As said above, you can still get it done, but you might have to dance a bit higher and a bit harder for the puppet-masters.

~Tim~
Post Thu Aug 25, 2011 6:19 am
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RandRmoney
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Thanks  Reply with quote  

Now see, I don't want to do all of that. With a property thats paying for itself, a good credit standing and cash to back me up, I should'nt have to go through the hoops.

Would a home equity loan or line of credit be easier?
Post Thu Aug 25, 2011 11:19 am
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littleroc02us
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My appraiser yesterday was telling me about how the banks use to be able to manipulate the appraisals so the loan would go through, but due to the tightening up the banks have to pick them blindly and cannot even talk to them. This process of signing docs, locking up interest rates has now lasted about 3 weeks. Still waiting.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Thu Aug 25, 2011 1:26 pm
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