Question For all you Refinance PROS

[Brian Ellis]

Good morning BP,

Im making good progress with the renovations on my duplex, and I expect it to be done by Oct. 1st. By then it would be almost 2 months since note date. 

How should I proceed with a refinance? The mortgage company says 6 months before a cash out refinance, some people say 3 months is possible, and based on a Podcast I listened to this morning it was possible right away before the renovations even started.

Thanks in advance!

-Brian

[Jessica Zolotorofe]

Depends on the type of mortgage and the restrictions in your note. Some banks require 6 months before you can lease or refinance- so you have to live there essentially as a primary residence for 6 months. Some banks let you refi any time. FHA/VA are much more strict, conventional loans may provide a little more leeway. Take a look at your loan documents from when you closed and they should tell you exactly what you can do and when.