If I were to refinance my house that I currently live in would it complicate things for me when I start REI? Can anyone recommend a good lender? Thanks.
If you are pulling out your equity and increasing your debt then you are increasing your debt to income ratio, one of the main parameters lenders look at. Sometimes its worth it, like if you are planning to use that money for another investment which will make substantially higher returns than the interest you pay.
Paging @Albert Bui
It depends on what you do with your refinance.
1. The refi is going to cost you money, which will either drain cash or increase your debt
2. The refi could lower your monthly payments, which would put extra money in your pocket each month. This is a good thing for you and for banks looking at you.
What are you planning to do with your refi? Get cash and/or reduce your interest rate?
If you're using the equity you pull out to buy real estate, it should help. Although an increased debt/equity ratio, like said above, would make getting more financing a bit more difficult.
Unfortunately I owe more than what it's worth. I bought six yrs ago at 5.5% and wanted to do a refi to get better interest rate. Thank you @BrantRichardson.
Thanks @Andrew Syrios, @Aaron Montague
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