If you plan to buy a vacation home or an investment property, you can buy as soon as your refinance closes and you have the cash in hand. However, you cannot buy a separate primary residence using a cash-out refinance and then move into it right away. That’s because lenders usually require you to stay in your current home for at least a year if you’re getting cash out on it. But you could convert your primary residence into a rental and get a cash-out loan based on non-owner-occupied mortgage rates and rules.