Can I wait on the money for a cash out refi?

[Mark Nagle]

I would like to cash out refinance my house. I have more then enough equity. I plan to use the money to buy another investment property. But with housing supply being so low I was curious if there is a way to refinance, but not be charged the extra mortgage(not have access to the money or something) until I needed it for the house.

Right now in my market a refi takes 30-45 days. Average time to find a house is close to 4-6 months delay what I would like is to refi and have money available to get a house to close, and not have to pay the higher loan amount for that 4-6 month period of having the house. Is that possible through a cash out refi? I know I could use a heloc, but cash out has more pros in this situation I am looking at as I plan to hold both property’s long term.