Asked by Jackp, Diamond Bar, CA • Sun Mar 29, 2009
I need a bit of advice. I currently own a home, and want to purchase a 2nd home in the next 6 to 9 months. If I sell my 1st home, I know I will have more then enough left over to help me purchase my 2nd home.
I would ideally like to keep my 1st home and rent it out. The going rental rates in my community is more then be enough to cover the cost of the 1st mortgage, with a little profit left over.
Here is my question.. How can I leverage my 1st house to by my 2nd house (what is the best way)?
a. Should I refi the 1st house, and pull enough to help w/ the down on the 2nd house? Current rates are lower right now then my current mort.
b. Should I refi 1st home and buy 2nd home at the same time?
c. Is there any other approach i should look at or other possible scenario?
Any tips would greatly be appreciated.
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