Financing in Tucson>Question Details

Eric Wu, Home Buyer in Russian Hill, San Fr...

How long does it take to refinance a investment property that was purchased in cash?

Asked by Eric Wu, Russian Hill, San Francisco, CA Wed Sep 12, 2012

I have a lender who is saying it takes 60 days for an investor refinance. I purchased the property 3 months ago and paid cash. Looking to pull out 70% of appraised value.

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Marie Wagner’s answer
I should think we could get that done in about 30 days. We'd need to get started right away. If you can get all your documentation in quickly and we can get the appraisal done quickly. It shouldn't take 60 days. But, we'd have to get started and look at the overall picture. The property is in Tucson? Call me or email me.
Marie Wagner 623-703-8890
1 vote Thank Flag Link Wed Sep 12, 2012
Hi Marie, thanks. I'll have my real estate partner give you a ring this afternoon.
Flag Wed Sep 12, 2012
You definitely need to talk to another loan officer and get a second opinion. If you need a recommendation, please don't hesitate to contact me.

P.S. I miss the Bay Area!

Eseosa Elaiho
Keller Williams Southern Arizona
1 vote Thank Flag Link Wed Sep 12, 2012
I can suggest 2 lenders that will take between 20-30 days. Avoid banks as they seem to take much longer.

Loren Hoboy-Realtor
Your Local Expert
Central AZ Real Estate
1 vote Thank Flag Link Wed Sep 12, 2012
Fantastic question for a lender, I recommend you give Paul Volpe a call. He is Vice President of locally owned Nova Home loans, (520) 241-4048.

Best of luck.
1 vote Thank Flag Link Wed Sep 12, 2012
Thanks for the recommendation!
Flag Wed Sep 12, 2012
This is a question for a lender. I suggest that you contact Paul Volpe at Nova Home Loans.

Good luck.
1 vote Thank Flag Link Wed Sep 12, 2012
Call Lisa at Guild Mortgage 520-425-8711 they can do 80% of appraised value 1 day after closing.
0 votes Thank Flag Link Tue Jan 8, 2013
I would steer you to several sources. First you need to check your purchase documents to see if there is a time frame that prevents you from selling/mortgaging the property for a time period. I have seen some that were 6 months, some at 12 months, other 0 months. Most lenders can get a loan done in 20-30 days but be prepared for 45 days. If you have all the tax returns, pay stubs, and bank account info copied and ready they can move very quickly. The slowest part will be the appraisal and the underwriting that can take up to 10-14 days to complete. Good luck and let us know if we can help.
0 votes Thank Flag Link Fri Dec 28, 2012
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