If I buy a house with instant equity, how soon until I can refinance my mortgage...

[malena007]

...and get that equity? Is there a waiting period? I'd like to use the money to pay off my car and credit card, and I need it as soon as possible.
I haven't closed on it yet, it will be the first week of August.

With a 95% LTV, I will have about $25k in equity.

I don't want to do a home equity. I don't want two payments...just one. Simplicity is what I'm looking for here.

[granny_sp]

Why don't you work that out in the original loan this will save you the cost of refinancing?

[Big daddy]

the two questions here are how much equity do you think you have and when did you buy the house?

[Tim]

Just get a home equity loan added to the home loan when applying.

You will avoid the extra expenses and they will give you an equity line up to the allowed amount of equity.