Investor · Destin, FL · Member since 2022 · 17 posts · 1 vote
For those professionals out there if you have an on going cash out refi at the moment and at the same time there is a deal that popped out on the market can I still but it? Is there anything could go wrong to my cash out refi process?
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
4y
@Jay Soriano- thanks - the loan officer on the rental purchase will need to know what your new primary payment will be so that the correct payment can be factored into the qualifying ratios ......if your ratios are fine and you have lots of room -shouldnt be an issue ...on the other hand if your ratios are tight - this new cash out loan might be a major issue
Lender · Phoenix, AZ · Member since 2021 · 451 posts · 287 votes
4y
Hi Jay,
I have done refis and purchases simultaneously for many of my borrowers. But I would recommend running the scenario by the loan officer handling your refi before proceeding. They will be able to tell you exactly how it will impact your specific situation.
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
4y
@Jay Soriano- you will liekly be OK ...but - you need to clarify...is the cash out refinance is on your primary home or a rental you own ? is the new property you are interested in going to be a primary home purchase or another rental purchase ....this woiuld be helpful to know .....ask the lender you are working with the hypotehtical question
@Jay Soriano- you will liekly be OK ...but - you need to clarify...is the cash out refinance is on your primary home or a rental you own ? is the new property you are interested in going to be a primary home purchase or another rental purchase ....this woiuld be helpful to know .....ask the lender you are working with the hypotehtical question
Yes it is a primary residence! And the one im trying to buy will Be rental. Thanks
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
4y
@Jay Soriano- thanks - the loan officer on the rental purchase will need to know what your new primary payment will be so that the correct payment can be factored into the qualifying ratios ......if your ratios are fine and you have lots of room -shouldnt be an issue ...on the other hand if your ratios are tight - this new cash out loan might be a major issue