broomfield, CO · Member since 2017 · 98 posts · 31 votes
so I am just thinking out loud here ....
I am closing on a refi on my current primary residence... we purchased in 2016...lived in it now 3 years plus... I am considering a custom build to move out and rent b/c we can now make about 12% c/c due to the new rate...
curious though, as a refi, is there a "seasoning" period to being able to go this route? and also getting a new loan on the new custom build, I assume I can then turn around and get a "primary" mortgage rate on that as well?
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
6y
@Bo A Vanecko If you have equity in the house, lived there over 12 months, and have stable income generally you can do what ever you want. The appraisal is all the bank cares about and you'll pay for that upfront.
Something to remember is why you purchased the property in the first place. Did you plan for this property to be a future rental? A 12% COC is great but that doesn't make it a suitable rental. If the mortgages are in your name you can have up to 10, but banks look will look at your debt/income ratio when underwriting loans long before that.