Refi and New Loan At the Same Time
Can I refinance an existing mortgage and apply for a new loan at the same time? I have a mortgage on my rental (principal balance $94,552, interest rate 5.00%, VA, maturity 2018, total payment $1,830) that I want to refinance, to lower the monthly payment. I am ready to apply for a new purchase loan too. (I have an offer in on a house and it looks like the sellers are going to accept it.) and I am preapproved for the loan on the new property. If not, should I refi before or wait until after the new purchase? by readwh_900_536 from Anoka, Minnesota. Oct 3rd 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There's a lot of questions that need answers before I can properly answer. The home your living in now, is there a mortgage? do you plan on selling it or renting it out? Do you claim your rental income on your tax returns? Can you qualify assuming that you will be responsible for all 3 mortgages, assuming you have a mortgage on your primary now?? ( 1. your primary.. 2. your new home.. 3. your rental) Debt to Income Ratios (DTI) are key, however, there is nothing preventing you for applying for 2 mortgages at the same time.. WilliamAcres.com
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
You received some great advice on your Zillow thread.Happy funding, Rudi
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