Should we refinance to buy a new home?
We own a primary home that we plan to keep and rent out. Do we need to refinance if we bought a new home? Should we buy our 2nd home as an investor first and then refinance it to primary? We live in Georgia and the 2nd home is just 30 minutes away from our place. Current primary is under my name while 2nd home will be under me and my wife’s name. by firstpr994 from Atlanta, Georgia. Mar 23rd 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
As long as you are financially capable, you can buy a new primary residence with a primary residence loan, and turn the existing home into a rental. No need to refinance the existing, and no need to buy the new one as an investment property. I lend in Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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