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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Refinancing a recent purchase. Posted by Ward-CA- on July 31, 2003 at 6:28 AM In Reply to: Financing posted by Mr. Goodbuy on July 30, 2003 at 10:26 PM : Ward, : I have been watching your Message Board for about a year and I just purchased my first house! It is truly awesome and you should know that you are my inspiration, a master of your art, and I owe my success to the priceless answers which you send to me every night in the forum digest. I read your forums. I read the real estate dictionary. I hang out at the court house and the recorders office and ask questions and read documents. And, I read your forums again. From the bottom of my heart - thank you. : Here's the scoop... Trustor, a single and elderly gentleman, refinanced home to 148K in 2002 and then split for Costa Rica. (an interesting concept). The lender accepted a bid of 126K and now I am in title. Next, I went to my bank to finance and they would only lend on the purchase price, 126K. : My question is: The trustor was able to finance to 148K, what are your ideas on how I can extract some of the equity out of this property? : Thank you : Your humble desciple. -=-=--=-=-=--=-=- Goodbuy, Home Savings used to lend based on the current value of the property, not on your purchase price. Perhaps they still follow that method even though they have morphed into Washington Mutual. If not you might have to wait until a year has passed after your acquisition and then refinance, based on current market value. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : I have been watching your Message Board for about a year and I just purchased my first house! It is truly awesome and you should know that you are my inspiration, a master of your art, and I owe my success to the priceless answers which you send to me every night in the forum digest. I read your forums. I read the real estate dictionary. I hang out at the court house and the recorders office and ask questions and read documents. And, I read your forums again. From the bottom of my heart - thank you. : : Here's the scoop... Trustor, a single and elderly gentleman, refinanced home to 148K in 2002 and then split for Costa Rica. (an interesting concept). The lender accepted a bid of 126K and now I am in title. Next, I went to my bank to finance and they would only lend on the purchase price, 126K. : : My question is: The trustor was able to finance to 148K, what are your ideas on how I can extract some of the equity out of this property? : : Thank you : : Your humble desciple. : -=-=--=-=-=--=-=- : Goodbuy, : Home Savings used to lend based on the current value of the property, not on your purchase price. Perhaps they still follow that method even though they have morphed into Washington Mutual. : If not you might have to wait until a year has passed after your acquisition and then refinance, based on current market value. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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