Important Tip from HMB regarding your Investment Property
A big part of our mission here at HMB
is to be a valuable source of info
on the world of real estate investing.
Our clients are our lifeblood and if they
aren’t doing deals, neither are we.
So here is a tip for this week, that I
recently learned from a mortgage loan
officer friend of mine:
An investment property MUST be off the
market for 6 months or more before a
refinance is possible. Â Even a rate/term
This is a guideline for most every bank/
lender out there.
Let me rephrase that in a way that
might sound more familiar:
You buy a property to rehab, using either
cash or aÂ hard money loan. Â Your plan is
to sell it, as long as you get the price you
want. Â If it doesn’t sell, you’ll just refi and
hold it for awhile.
Sound familiar? Â Sure, this is a very common
But now that refi won’t be approved for 6 months
because it was listed on the market for sale!
So a word to the wise: Â look into doing the
refinance BEFORE you put the property on
Doing it that way could save you some real time
We hope that tip helps! Â Stay tuned for more.
Jason, Jeff, Chris and Ben
HMB Cribs Bloggers
Hard Money Bankers, LLC