A Question Regarding a Refinance with Cash Out

[nico08]

Hello:

Do all Mortgage Companies and/or Banks require a real estate property owner to have his name on the recorded deed for at least a six month period before he can do a refinance with cash out?

Is there any other way for a person to obtain cash on the equity in the property before a six month time period has elapsed? Thanks.

 

[Nords]

Is there any other way for a person to obtain cash on the equity in the property before a six month time period has elapsed? Thanks.

Some homeowners use the closing (or the refinance) event as documentation for a home equity line of credit.

You're asking what "all mortgage companies and/or banks" are required to do. They're not. However many of them want to sell their mortgages to other financial institutions, so they'll try to comply with FHA lending guidelines. But there's no real enforcement of the standards (except when people get their fingers burned or their wrists slapped) so you might be able to obtain a waiver of just about any requirement.

Since the practices vary so much by locale, it's worth talking with a mortgage broker in your area to see what they can do.