No Waiting for Cash Out Refinances

Buy a property for cash and get a discount, then put a new loan on the property without waiting for seasoning! Until now, it was necessary to wait a year (at least) to put a new loan on a property you just purchased and paid cash for or any other property that you own free and clear. I was just notified by my mortgage broker, Sean LaRue at Franklin Loan Center in Palm Desert, California that cash out refinance loans are now available with no waiting time. For those of us that purchase fixer properties for cash, renovate it and want to keep the property this news is HUGE!!! For the last three years we have had to wait at least a year or sell the property to get our cash out in order to move on to the next deal. Rates are great also...only 1/8% higher than a regular purchase money loan.

-- Jeannie