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refinance after purchase

I am looking at purchasing a house.  However I just learned that I have $15k in medical judgments my ex-wife has hid from me (long story).  Anyway the house I am looking at would be purchased for $170k and appraised at $240k.  If I take a loan out to pay off the judgments, how long do I have to wait before I refinance so I could utilize the equity to pay off the loan?

Thanks for the input!!!
  • August 26 2014 - US
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Answers (3)

Another strategy that I suggest at the bank where I work, is to get a HELOC.  A new appraisal will be done and the loan will be based on that.  I have had people buy and immediately apply for a HELOC, up to 89.99% CLTV.  .  Compare the policies and terms from several banks to see what meets your needs,
  • August 26 2014
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Hello,

Nicolas is correct. In order to refinance and take cash out most guidelines would require you to be on the title of the home for at least 12 months. If you have any questions feel free to click my name and email me directly.
Thanks,
Jordan

  • August 26 2014
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As a rule of thumb; six months or 1 year from the date of purchase to pull cash out from the home.  It would be best to speak with someone directly in your market so they can advise you.  There are instances where you can find a method to pull the equity from the home sooner.  It will come down to your specific qualifications and area the home is located in. 

Good luck!
  • August 26 2014
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