Im a new home buyer and Im interested in buying a home that's owned by the bank and I know I want to refinance within a year to start a new business is that still an option even though its banked owned.
2007-10-02 13:47:05 · 5 answers · asked by Rudie C 1 in Business & Finance ➔ Renting & Real Estate
Once you purchase the house, it's yours to do what you want with it. As long as you qualify for the loan there shouldn't be a problem.
2007-10-02 14:51:17 · answer #1 · answered by Le_Roche 6 · 0⤊ 0⤋
Yes you can refinance after 6 months with some banks and 12 months with others. In order to take cash out you need to have equity. Due to you getting it under a distressed sale you have now lowered the value of the homes in your area. You may not have alot of equity in the home. I would call a local appraiser and have them get you a "comp check". This will give you an idea of the value of your home.
2007-10-02 14:46:45 · answer #2 · answered by Sean O 1 · 0⤊ 0⤋
In almost all cases if you have had a mortgage one year you can refinance it.
The one thing you need to be sure about though, are the terms of your mortagge. Many times lenders now put in prepayment penalties totalling thousands of dollars if they are paid off prior to a certain time (normally 3 years). So check out the terms of your mortgage.
2007-10-02 14:29:04 · answer #3 · answered by rlloydevans 4 · 0⤊ 0⤋
If you buy the home you'll have to take out your own mortgage to buy it. At that point, the bank won't own it any more; you will.
In today's market it's not likely that you'll see enough gain in one year to do a cash-out re-fi. You might get lucky, but don't bet the ranch on it.
2007-10-02 14:12:18 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
you have the wrong idea. you need a new mortgage from the start if you buy it.
2007-10-02 13:50:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋