Updated almost 7 years ago on . Most recent reply
Cash out Refi? Or Conventional on first rental deal
Looking for first rental deal. Approved for conventional mortgage. We own our home through an interest only hard money lender with no mortgage. House has about $130k in estimated equity if we paid it off. Knowing the market is softening soon and already starting in our area, should we change the strategy and try for a cash out refi on our home, pay off hard money lender, and shop for deals with cash? Our total payment doing it this way would only be a few hundred dollars more. I like this option because our monthly debt is far less but I doubt we could get another loan in future. Advice??