BRRRR Refiance question

[Ames Foley]

I tried to complete my first flip. However, the market did not cooperate so I went to plan B which is BRRRR stategy. As part of the flip I got the first two steps completed; the B(uy) and R(ehab),. Since the market was not helping I started the R(ent) step. I am now on the R(efinance) step. I have started talking to my local banks and looking online for relationships and rates. I am finding that my small local banks will loan max 75% over 20 years for a portfolio loan. One bank told me that they can sell the mortgage to get a 30 year option but the house has to be off the market for a minimum six months.

Two questions:  1. The rates I am being offered so far are 4.75 or higher for the 30 year term I have found.  Not historically bad but it is higher than what I am hearing from others.   What have some of you gotten lately for a rate 

2. Is it common to have to be off the MLS for six months before a new cash out refi can be completed.

Thanks for the help

[Chris Mason]

Hi @Ames Foley,

1) "Cash out refinance" is a rate or discount points bump, your choice which. FNMA LLPAs, which shows the discount points to hold constant the rate.

2) That's either an overlay, or bad info. That used to be a rule, but it went away. Lenders gotta keep up!