Refi rates and seasoning period question

[Adam Sankowski]

Hey I'm an investor in the KCMO - Kansas City MO, Independence MO markets and wanted to see what people are getting for Refi rates?  Any recommendations on banks or lenders?  

Also what is the seasoning period these days?  6 months still?  And Is that from the time of the property close or from the time property being tenanted?  if the property is already tenanted is that waved or is that not the way it works?  Thanks so much for any advice for this refi newbie.  Very appreciate any info!!! 

[Julee Felsman]

Hi @Adam Sankowski!

Rates depend on a variety of variables (mainly: credit scores, property type, loan-to-value ratio, cash back or not), so it's pretty hard to compare notes without that detail to be sure you're comparing apples to apples.

If you just want to refinance what you owe with no more than an incidental amount of cash back (2% of loan or $2k), there is no seasoning period. 

If you want to take more cash back there is a 6 month seasoning period.

There is an exception to the seasoning period, however. If you paid cash for a property, it is free of liens when you apply for the loan and you can document where the funds for the purchase came from, you can get a cash back refinance immediately after closing.

Happy to answer other questions... and if you want an idea of rates for your specific situation, PM me.

Cheers!

Julee