Ive been shopping around for cash out refi’s with much frustration. Im self employed with good credit scores (719,729,787) but seasoning issues have been hurting my options. Ive been here 8 months. Most everyone wants 1 year.
I am cleared to close on a straight refi without any cash out at a 5.75% rate. This seems to be incredible rate for stated income.
Should I do this loan and then go for a home equity line or keep trying for cash out refis around 6.6- 6.8?
My original loan is for 156K, and the current value of my home is between 180-200K (yes, Ive actually had appraisals swing this far in range ???)
I really know nothing about home equity lines, thats why I ask, for all I know the home equity line is a better way to go but I just dont know.
You could do both. I would go for a cash-out refi because it will be alot harder for you to find a stated self employed heloc than to just find a lender that allows 6 months title seasoning. Your heloc rate will most definately be higher than 6.8 if you are going stated. Don’t get me wrong, you can get a heloc with stated income…just keep those credit scores above 700 and you will be fine. What state are you in?
Im in Illinois. It just seems like pulling teeth getting this cash out refi. Stated income, less than 1 year seasoning, and cash out seems like a rough go.
As a LO you just have to know where to take the loan to…why would you take a loan somewhere that doesn’t allow for less than 12 mos of title seasong when you haven’t had the loan for 1 yr!Common sense right…
Unfortunately, I can’t do loans in IL…but why don’t you just find a good broker to do it there. Tell him your scenario and he/she should be able to find it pretty easily. Most “banks” will require that seasoning but there are lenders out there that will do it with 6 months seasoning or no seasoning all day long.
Do some research. Find yourself a Broker in Ill. and I am sure that they will have several Lenders that do not have seasoning issues. I know that there are several Lender’s that Have NO Seasoning issues. If you can find a Broker in the area I can find a lender 8)