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All cash followed by financing

Started by Belgariad
over 12 years ago
Posts: 58
Member since: Jan 2011
Discussion about
How do people do an all cash deal and turned around and get financing at favorable rates? I asked one of the big banks and the banker said that the rate will be higher since it is considered refinancing. I was under the impression that one can still get a new loan under 30 days from the date of closing. thanks, B
Response by mneuwirth
over 12 years ago
Posts: 36
Member since: Oct 2010

I would ask at more than one bank / mortgage broker - always a good idea.

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Response by bluesmap
over 12 years ago
Posts: 7
Member since: Oct 2012

define favorable

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Response by NYCMatt
over 12 years ago
Posts: 7523
Member since: May 2009

If co-op, you'll still need to go through the board.

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Response by Dbleynis
over 11 years ago
Posts: 1
Member since: Dec 2011

This is called Deferred Financing and will not be considered "Cash Out Financing". Not every bank offers it but we do. Please call me to discuss.

Dmitriy Bleynis
VP/Branch Manager
ENG Lending, a Division of the Bank of England
Established 1898, FDIC Insured Since 1934, A Century of Stability
5 Penn Plaza | 19th Fl | New York, NY 10001
Tel 212.335.0179 | E.Fax 347.767.2523 | E-Mail: dbleynis@englending.com
http://manhattan.englending.com

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Response by Flutistic
over 11 years ago
Posts: 516
Member since: Apr 2007

We did this. We paid cash at the closing table, then got a HELOC afterward. The interest rate was not good, something like 2.99%+prime. But this was a home equity line of credit post closing. The process took 50 days with Citibank. Wells Fargo told me they could do it in 15 days but I don't really believe that.

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Response by gothamsboro
over 11 years ago
Posts: 536
Member since: Sep 2013

Did aboutready try something like this after her loan was rejected by the bank?

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