Refinancing and Home Equity Loans
Hello,
The situation: About to close on our first multifamily Duplex. We will be living on one side and rent out another. We didn't have 20% down, so will be refinancing in about a year to get rid of PMI.
The plan: To pay into equity to be able to refinance without PMI and take an equaty loan on the property.
The problem: Our mortgage company told us that if we want to take the equity loan we will have to live on our first property for another year... That was not our plan, we were planning to move into the next one.
Question: How does equity loan work? I read so much about buying multiple investment properties by taking equity loans on investment properties. Do I just need to find a different lender at that time or am I missing a big chunk of important information? We live in WI.
Thank you, everyone, in advance!