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Jay Soriano
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  • Investor
  • Destin, FL
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Open cash out refi and buying another property

Jay Soriano
Pro Member
  • Investor
  • Destin, FL
Posted Jun 18 2022, 21:43

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? 

Thank you in advance!

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Kristen L Garner
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  • Lender
  • Phoenix, AZ
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Kristen L Garner
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  • Lender
  • Phoenix, AZ
Replied Jun 19 2022, 07:01

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. 

Best of luck! -Kristen 

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Dave Skow
  • Lender
  • Seattle, WA
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Dave Skow
  • Lender
  • Seattle, WA
Replied Jun 20 2022, 15:05

@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

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17
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Jay Soriano
Pro Member
  • Investor
  • Destin, FL
1
Votes |
17
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Jay Soriano
Pro Member
  • Investor
  • Destin, FL
Replied Jun 20 2022, 16:02
Quote from @Dave Skow:

@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


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Dave Skow
  • Lender
  • Seattle, WA
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Dave Skow
  • Lender
  • Seattle, WA
Replied Jun 20 2022, 16:09

@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