Possible to refi current house and obtain loan on new property later?

[woodburyowner]

Since rates are at all time lows, I was speaking with my lender about refinancing my current property.  However, I also mentioned that I was looking at purchasing a new property and renting out my current property (thus the urgency of refinancing now).  He mentioned that if I refi my current property, I won't be able to get a new loan for 1 year (at least with favorable rates).  Is this true?

 

[usctrojancpa]

Since rates are at all time lows, I was speaking with my lender about refinancing my current property.  However, I also mentioned that I was looking at purchasing a new property and renting out my current property (thus the urgency of refinancing now).  He mentioned that if I refi my current property, I won't be able to get a new loan for 1 year (at least with favorable rates).  Is this true?

I don't think so....so long as you have 25%+ equity in your current home, you should be fine.  That being said, I'll let SGIP confirm.

 

[woodburyowner]

I don't think so....so long as you have 25%+ equity in your current home, you should be fine.  That being said, I'll let SGIP confirm.

Sorry for not clarifying.  If I close out my 2nd, I will have 20% equity in my current property.  I will qualify for the new loan without the assumption of a rental.

 

[usctrojancpa]

I don't think so....so long as you have 25%+ equity in your current home, you should be fine.  That being said, I'll let SGIP confirm.

Sorry for not clarifying.  If I close out my 2nd, I will have 20% equity in my current property.  I will qualify for the new loan without the assumption of a rental.

Oh then you should be golden IF the new property that you will be purchasing is larger than your current home.  Otherwise, the lender will think you are trying to pick up an investment rental property with primary resident rate pricing.