Financing in 33015>Question Details

R1racer80, Other/Just Looking in Florida

Can you re-fi your current home to a lower interest and purchase (finance) a new home at the same time ?

Asked by R1racer80, Florida Mon Aug 22, 2011

Perfect credit. If not how long do you need to wait between?

0 votes Share Flag Financing in 33015

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Alot has to due with your debt to income ratio
0 votes Thank Flag Link Thu Dec 26, 2013
Yes, depending on the homes and how they are statused.
0 votes Thank Flag Link Wed Nov 23, 2011
As long as your income can carry both mortgages and the 2nd one is an investment property with rental income you should be ok, also keep in mind that most banks require 30% down for investment properties.

Marco Gomez
NYS Associate Broker
Keller Williams Landmark II
Serving Queens, Nassau and Brooklyn
0 votes Thank Flag Link Wed Nov 23, 2011
Shane is absolutely right. With rates as low as they are, you should be able to get a Non-Owner occupied rate that's attractive and beneficial regardless of the pricing add-on!

Ivan Diaz
Home Mortgage Consultant
(415) 271-7740 direct/cell or
0 votes Thank Flag Link Tue Nov 22, 2011
Yes, you can.
Talk to a lender a lender , depending on your financial situation,icle : Credit score, income and monthly expenses

Betty Garcia
786 229 3636
0 votes Thank Flag Link Tue Nov 22, 2011
Yes you can... It would be best for you to contact your lender to guide based on their guidelines.
0 votes Thank Flag Link Thu Sep 8, 2011
Yes, you can do the refinance & purchase simultaneously if you wish. Of course if you are going to be moving into your new home, you would be doing the purchase as an owner occupied property and the refinance as a non-owner occupied property. Non-owner occupied interest rates are roughly .375% higher than owner occupied interest rates.

If you wanted to refinance your current home into owner occupied interest rates, most lenders require you to live in the home for the 1st year of the mortgage, and then afterwards you are no longer required to occupy it/can buy a new primary residence without having to pay off that mortgage.
0 votes Thank Flag Link Mon Aug 22, 2011
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