Clarification on seasoning period for cash-out refi

[Gary Parilis]

If the seasoning period for a cash-out refi is 6 months, do I need to wait 6 months to apply for the loan or does it just need to close after no less than 6 months? The latter makes more sense, but these rules aren't always rational. :-) 

Let's say I purchased a property on November 15. Six months later is May 15. Do I need to wait til May 15 to apply for a refi, or can I apply, say, April 15 for a disbursement after May 15?