Refi and New Loan At the Same Time

There is nothing to prevent you for appyling for two mortgages at the same time. Infact the lower payment on your rental will lower your monthly debt ratio. However i would need to know the particluars of your situation such as the home you are living in now are you seeling that or renting it out as well. You can contact me at 540 293 9296 or email TravlerM@aol.com I would be gald to asist you in any way on your mrotgage needs Gordon N Dempsey Mortgage Specialist , Set 2 Go Loans, Inc. Call me anytime Im based here in Virginia

I disagree with travlerm. If you are ALREADY preapproved for the purchase, the rental payment won't matter. IT WILL cause problems when it comes to closing your purchase. Whether a Loan Officer is aware of it or not, his or her underwriters will do quality control and make sure that you don't have more inquiries on your credit report. When you do, they will have to verify the new debt and do a credit supplement to make sure they have all the account details. Credit supplements aren't free either and you can and should be charged. Some lenders may even require that the file go back to underwriting and delay your purchase closing and completely TICK OFF your realtor and your seller. Just wait.

There should be no issue with refianncing your rental home and purchasing a new primary residence at the same time. I would recommend that you work with the same lender for both transacations to ensure ease of the transacations and limit double work for you in terms of documentation. If you would like to discuss further please contact me at judywrenn@southerntrust.com.

It's not a problem to apply for 2 loans at the same time, but it should be done with the same lender. Ratios will have to be in check, and they could absolutely go lower if your lowering your payment on the refinance. WilliamAcres.com

I agree with Jon. I suggest you wait on the refinance until your purchase loan has closed. Regardless if it's with the same lender, bank or credit union. In my opinion it will bring up some red flags that may delay the closing on the purchase loan. .... Happy funding, Rudi

AubreyI am licensed in all 50 states and specialize in investment properties accross the countryIt sounds like something I can do for you however I will need additional information about the value of the properties etcPlease call me at 319 431 6936 or email me with a contact number at oweng@guardiannationalbank.comThanks Owen Gibson