Hello, We are one month In our new single family home, In Los Angeles, CA. We are first time home buyers. We will need some additional cash to pay for repairs and upgrades.
Our Loan Was for 700K and the value of our property is at 835K.
We would like to know How soon can we refinance to cash out?

Thanks

In your situation I would absolutely advise against a refinance. Unless your loan has a prepayment penalty, you can refinance at any time. Generally, a cash out refi in the first year is based on the acquisition cost or the appraised value, whichever is lower. After a year it is based on the appraisal. Right now your loan is at 84% LTV. The maximum cash out is 90%LTV, meaning that your new loan would be limited to $751,500. After paying closing costs (again), you won't net much. Your best bet is to get a Home Equity Line Of Credit (HELOC) from your bank or credit union. Don't get it from a mortgage company. Most banks will pay ALL of your closing costs. If you have 720+ FICO scores you might be looking at Prime Rate (now at 8.25%)+ .5% for a 90% CLTV, or Prime + 1.5% for 100% CLTV. If your scores are lower, the add ons will be more. I hope this helps.