Refinance portion of brrrr

[Troy Smith]

I’m almost done with the rehab on my first brrrr property. When should I refinance? Should I wait until it’s rented first or just start the refinance process right away?

This is my first Brrrr

[Jon K.]

It's going to depend on the lender, how it's titled and what kind of refinance you are doing.

If you're doing a conventional cash out refinance, a lot of lenders are going to require a 3 to 6 month seasoning period prior to refinancing and it will have to be rented first. If you're doing a rate and term refinance, there's typically not a seasoning period but again it's common for lenders to require it be rented first.

If you're doing a DSCR cash out refi, it may not need to be rented first but you're probably paying a higher rate.

Your best option is to call a loan broker you trust and go through the options based on your current situation. There's no reason to wait, call them now so that you understand the options.