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Updated over 2 years ago on . Most recent reply

Is a mortgage on a cash buy still a refi?
Relative newbie question here... I know if I wanted to refi my current mortgage (I don't it's 2.99%!), to pull cash out, that's obviously a cash-out refi...
Is it considered the same if I were to buy a house for cash, and then wanted to get a 50 to 60% mortgage? It's not a refi, but it would be a cash-out transaction. Would that fall under the cash-out refi category? Or would it be considered a conventional first mortgage? And for clarification, it would be a primary residence, not an investment property.
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Robin Simon
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This will be considered a cash-out refinance except a small few lenders will have a "delayed financing" option which would be treated as an acquisition