At the time of closing, if my condominium is worth more than I paid – how soon can I look to refinance to pull money out?

Even though the market value of your condo may have gone up substantially during the construction phase, lenders will not allow you to borrow more than the agreed upon purchase price.

However after closing if the increased value can be established through recent sales you can apply to borrow based on the current market value.

This question was answered by Chris Molder (Mortgage Broker)