Updated over 3 years ago on . Most recent reply
Refinancing to purchase an investment property
Lender has confirmed I can borrow 98k from my primary residence by doing a cash out refinance and loan would go from 127k to 240k. I am planning to get my second investment property. The issue I am having is that the loan would be stretched back out from 20 years left to 30 years and the interest rate would go up a bit (4.25% instead of 4%). Does it still make sense to do this?