I’ve acquired a property. Can I refinance it and take cash out?

That depends on several factors, including how you acquired it, how long it’s been owned and if the owners are living in it. Most lenders have a seasoning requirement of 6 months for those on the title for the house. And if the house is not your primary residence, cash back amounts may be limited or not allowed. There is no waiting period if the lender documents that the borrower acquired the property through an inheritance or was legally awarded the property. (Through divorce, separation, or dissolution of a domestic partnership, for example).

Contact me to learn more.*

Terri Marks, BECU Mortgage Advisor

425-609-5489

MLO#517752

*Loans are subject to credit approval and other underwriting criteria and not everybody will qualify. Certain restrictions apply. Home Loan programs, terms and conditions subject to change without notice. Boeing Employees’ Credit Union NMLS ID 490518.

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