Posted on: 14th Jul, 2010 11:19 am
We are currently in the process of refinancing our mortgage on our primary residence and have found a 2nd home that we really would like to make an offer on. Would it be best to wait until our refi is closed to proceed with getting prequalified for another mortgage and making an offer? Or can we do both simultaneously? Thanks!
in my opinion, it would be better if you could refinance your present mortgage first and then apply for a loan on the second home. if you apply for mortgage on the second, prior to refinancing your present loan, it may increase your debt to income ratio. thus, it would become difficult for you to qualify for refinance on your present mortgage.