Seasoning period with cash purchase?

[Alisa K.]

I bought a home with cash. I did not have it appraised at the time of purchase. The house has appreciated even though it has not been 6 months and I'd like to get my cash back to purchase other properties.

First, do I have to wait for 6 months and why? Second, can I pull out the cash based on the newly appreciated value or do I have to use the original amount I paid? Third, are there loans available for 80% LTV in this situation. Calling all lenders...I'm looking to refinance this baby!:)

[Jaron Walling]

@Alisa K. The majority of lenders require a 6 months seasoning period.

Seasoning is designed to prevent the constant flow of homeowners looking to refinance, over, and over, and over. That situation would be extremely risky for a lender. 
The only way around that is doing Delayed Financing. It has pros and cons but in my opinion just wait the 6 months and get a better rate. Yes - you'll get a new appraisal with said lender. No - they won't accept other appraisals. 

The LTV amount is determined by the lender, your qualifications, and loan terms you choose. If you're not happy with it shop around. Nothing stopping you from talking to other lenders. The rates vary, terms vary, it's not all the same.

Unless you have a deal in the works, need cash fast, have other debts, or have fears about the market a conventional cash-out ReFi is the optimal choice. The only negative is the closing costs but it's just baked into the mortgage. Cheers.