Have you ever heard of seasoning? No, not like seasoning your steak, like seasoning your funds so they can be used for a mortgage loan.
Well if not let me tell you a little bit about it. It essentially means that you need time for things to marinate before you can complete a mortgage transaction. You may hear your lender say you need to season your cash you put in the bank for 90 days, or you need to wait 3-6 months before you can refinance the loan you just closed on. You know, let it simmer for a while.
That's pretty typical in the mortgage process, which is why this loan program option is such a unique product, no waiting period!
In this crazy SWFL real estate market, many buyers are having a hard time getting a house under contract.
Due to some Sellers accepting cash offers over financed offers some buyers are choosing to pay cash to obtain a contract. Some buyers may not know that you can do a cash out refinance days after you purchase the house.
We have a program called Delayed Financing where the buyer can do a cash out refinance without waiting for the normal 6 months seasoning. The cash out is only used to pay back what it took to purchase the house. The Loan To Value is limited to 80% but you get that cash back at a low long term fixed rate mortgage.
Let me know If I can help you or someone you know with this situation.
Let us see how we can help you!