When am I able to refinance if I am changing the c of o?

i am gut renovating a townhouse and adding a floor therefore I am applying for an alt 1, which is a pain in its own right, but once the job is complete I will technically have a new c of o. My question is this. I want to pull out money as soon as. Do I have to wait for the entire job to be finished with a new c of o or is there a way to refi earlier after a certain percentage of the work is completed? Any advice is much appreciated. Thanks

anonlurker

in Mortgage 10 years and 1 month ago

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mortgagepro | 10 years and 1 month ago

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a) no escrow held as all work was complete and the borrowers needed to sign an Agreement stating they would have the permit closed within 90 days. b) a $5000 escrow as work needed to be completed and the borrower was given 6 months. As mentioned above, this was with a Portfolio Lender, and yes, each scenario is unique and each case is looked at individually. If the appraisal reflects a significant amount of work needing to be completed I would not count on any lender being comfortable closing at that stage. Adam Roberts South Shore Mortgage NMLS# 1310 631-956-0111 x218 adamr@southshoremortgage.com

anonlurker | 10 years and 1 month ago

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Yeah I can only imagine. Thanks resident2

resident2 | 10 years and 1 month ago

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You will need the C of O to close the loan, you cannot get the C of O without closing out all the Open Permits. Some mortgage Bankers / Brokers etc will tell you that an escrow can be taken to insure the final C of O, unless you have cash reserves to cover a substantial amount do not put yourself through that torture….. it is a carrot! Until the underwriters get the file, the sales agent trying to sell you the mortgage has no idea what the underwriters might want. It can be torturous trying to get such a loan closed.

mortgagepro | 10 years and 1 month ago

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The title report will include a variety of searches and an Open Building Permit will show up and will need to be closed in most cases. Some of the portfolio lenders that I Process my files with, on a case by case basis, will set aside an escrow based on the scope of outstanding work, or simply have the borrower sign an Agreement providing a time frame to close the permits, however, as previously mentioned, a partially completed renovation is going to be problematic and the work should be mostly all done and generally just be awaiting the Permit to be closed. Adam Roberts South Shore Mortgage NMLS# 1310 631-956-0111 x218 adamr@southshoremortgage.com

soundhoner | 10 years and 1 month ago

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resident2, Is there an open permit check and closing out requirement for all refinancing, or just when there is a C of O change?

resident2 | 10 years and 1 month ago

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Yes you will need the final C of O and all the open permits closed out before you can close on a re-finance.

carmenf | 10 years and 1 month ago

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I don’t know if you need a CofO for a refi, but you’re going to need the property to appraise for the value you want to refi. I don’t know if a bank will appraise a partially completed renovation for the price you want.