Is this a good idea?

[Account Closed]

First off, thank you for your time in reading this...

i am brand new to the real estate world.  But here is my plan..


I have a single family house I currently live in.  4 beds, 2 baths, 1300 square feet and half the basement is finished.

Mortgage is for $131k

I owe 60k

15 year term

If I sold it today, I think I could get 180k

here is the plan:

-refinance the house

-take out equity to fix a few/update a few things

-rent for 2k a month

The mortgage guy I talked to asked me if I wanted to refinance for 135k.  Wouldn’t I just want to refinance the 60k I owe?  I figured that way, my payment per month would be lower and I would be able to borrow more of the equity. 

Why would he ask if I wanted to refinance at 135k?

I got a lot of questions here and any help would really be appreciated

this will be my entrance into rental real estate