Refinancing with a primary residence
Hello BP! This question/concern has been on my mind for a while and I have been doing lots of reading hoping I can find an answer before I came to you all with it. Unfortunately I have been unable to find an answer so I'll see if someone here can give me a better understanding.
I currently have a primary residence that I have lived in for 15 years. I am now looking to invest using the BRRRR strategy. I make between 50-60K in W-2 income with 720 credit score.
Know with all that out, here is the question/concern.
With my current mortgage and my W-2 income, I'm concerned the banks will not allow me to refinance another mortgage. I'm sure these factors are taken into consideration but not sure how much weight this will hold. Can some explain or at least help me get a better understand of this process.
Thanks in advance and Happy New Year to you all!