Doug Sullivan has developed a new program that allows cash buyers to refinance quickly.
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Today I’m going to introduce Doug Sullivan, one of our lenders who has a new product that is really great for people who are purchasing a home with cash and would like to cash out. Typically that takes several months, but thanks to Doug, there is a new program available.
His mortgage tip comes with regards to delayed financing.
Standard mortgage guidelines for doing a cash-out refinance require the homeowner to wait six months after they close, but he has a program that allows people to do that right away.
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There are a couple examples of how this helped past clients of his:
Standard mortgage guidelines for doing a cash-out refinance require the homeowner to wait six months after they close.
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For the first example, he had a client who was wanting a loan but was in a position to pay cash. What they did was write the contract as cash. The reason for this is that they were competing with a lot of other offers, and that allowed the seller to take their contract because of the cash position and the fact that they could close within two weeks. After they closed, Doug applied the mortgage, and within 30 days they had the financing that they wanted.
The second example was a client who was interested in a property that was not habitable by lending terms because there was a plumbing issue. So they paid cash, closed, did the repair, and then we did our financing and got them in place 45 days after closing—they took advantage of today’s low rates.
If you have questions about this program or any other mortgage program, please give us a call. We’d be happy to help you.
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