Cash Refinance Question

[Alfredo Trevino]

Hello everyone, this is my first post. I tried using the search button but was unsuccessful finding the answers I was looking for. I have decided to purchase a house and doing the rehab out of my own money. Regarding cash refinance, is there a waiting period if I paid cash for everything? Home equity vs HELOC? Do I get tax breaks as well getting a cash refinance loan? Any additional input, would be helpful.

I decided this route, because I want to focus on one home at a time. I want to learn the process of doing a rehab and taking in everything. 

[Robin Simon]

Quote from @Alfredo Trevino:

Hello everyone, this is my first post. I tried using the search button but was unsuccessful finding the answers I was looking for. I have decided to purchase a house and doing the rehab out of my own money. Regarding cash refinance, is there a waiting period if I paid cash for everything? Home equity vs HELOC? Do I get tax breaks as well getting a cash refinance loan? Any additional input, would be helpful.

I decided this route, because I want to focus on one home at a time. I want to learn the process of doing a rehab and taking in everything. 

 Its not really a "tax break" - but one of the advantages of a cash-out refinance is that the cash-out is technically a new loan, not income, so its not subject to any income tax.  So it may feel like you are getting a big payment, but its not subject to taxes like as in a sale