Do I have to wait for 6 month seasoning before refi?

[Dan S.]

Hi,

I am looking to purchase a property for 41K that should appraise for about 60k. I was planning on purchasing with cash and refinancing out as quickly as possible. All I ever heard was waiting for 6 months to do the refinance  - that that was/is the seasoning period required by traditional lenders. But, I was listening to a podcast yesterday (I forget which one) and the story included a guy buying with cash and refinancing right away based on the appraised value.. Does anyone know of this? Thanks in advance.

[Joe Villeneuve]

If you refi for rate and term (just getting out what you put in) there's generally no seasoning period.  The seasoning period is if you want to do a cash out (what you put in and part of the new equity).