QUESTION? REFI OR NOT TO REFI PRIMARY RESIDENCE
Good day BiggerPockets Fam!
I'm needing some advice! I just bought my first investment property and hungry for more. I'm wanting to refi my primary residence to pull cash out and buy more investment property. If I do this, my interest rate on my primary residence loan will increase for the refi, which obviously is currently at a good rate! My thought is, the investment property will pay for the increase, in theory and over time.
Is this something that's common to do as an investor regardless of an interest rate increase?
Is my way of thinking correct or incorrect?
Should I move forward with the refi?
Most Popular Reply
Another aspect to consider is what portion of your primary payments are going to principle, and how that will change on refinance. Equity loans can preserve a maturing mortgage.