Mortgage a house paid in cash?

[Jeremy Del Castillo]

Hi all!

Just wanted to know what you guys think of my situation and how I can get around this.

I bought a condo for $60k in cash because it was off market and I couldn’t get a mortgage to the property because I didn’t hold a job for longer than 2years (1year self employment and 1year of W2 doesn’t count).

I would like to get the house financed so it can free up some cash to pay off other things I sacrificed to buy the place.

Any product fit my category?

-1st mortgage?

-cash out refinance?

Really not too sure what loan product suits me. Banks say “delayed financing”

But also to add to that question, would I even qualify for these loan products if I couldn’t even get a 1st mortgage? Id like to think so because I have the asset free and clear to use as collateral, but hard to tell because banks are picky.

Please let me know your thoughts or any advice!

Side note, I live on Guam and the property is on Guam. Reached out to a lot of big lenders and they don’t service out of the continental US sadly.