All Forum Posts by: Steven A.

@Elizabeth Southall I think it’s a good question. I could use the money in my checking account to pay off my debts, and then use my Heloc for the investment. Or, I could use the heloc for debts and my checking account for the investment. Which is better? Or, maybe I want to season the heloc in my checking account for a while, and consider my options. What can we tell the bank then?

@Alex Briones how do you get a 90 ltv on a cash out refinance of an investment property. Who is doing those? I can’t seem to find them!

Here is the verbiage from Wells Fargo---in the arrangement documentation---that made them wait the 12 months (which they are saying is July 1st). I paid everything back by November.

Hi Justin, yeah, its a bit odd. It looks like missing, or data unavailable.

The underwriters took like 8 weeks to get clarification on this. After submitting documentation from Wells Fargo, they said they would have to wait the 12 months.

Well, I was just told by a lender that they will do a cash out refinance for me after 12 months of on time payments, as of the end of the 3 month deferment (which will be July 1st). That is according to their underwriter—who reviewed my application. Unfortunately, Wells Fargo indicates missing/late payments due to deferment for 6 months on my credit report. They told me if I had moved the payments to the end of the loan, with a modification, that would not have been the case. 

Well, I was just told by a bank that the verbiage in my deferment documents shows missed payments. They won’t refinance me until I have 12 months of payments. I don’t know if this is standard or not.

@John Farady yep, this was done back in April/May. We have had nothing negative appear. I track my credit report pretty closely. Thanks for the input.

Cheers.