Questions from a newbie

[Steven Schuster]

Hello,

I've been reading forum posts on BP for several months now, but this is my first post. I was wondering what to expect as far as typical terms and conditions of "cash out" refinancing. For instance, if I were to get a HML for a property, than rehabbed the property to increase value, are there terms or conditions that are typical of most traditional lenders for obtaining a mortgage to pay off the original HML? Another similar question I had was, at what point would someone typically be able to tap into the equity of a property to use as a down payment on a new property? Are there time guidelines, or do you have to be below a certain LTV percentage? I'm currently looking to find my first deal, these are just a couple general questions that I keep coming up with. Any advice would be appreciated!