Posted on: 23rd Oct, 2010 11:11 am
I live in Washington (the state) and I inherited a house in Massachusetts. it has no debt. Do to familly issues, I cannot sell the house in Mass. I have a lot of debt in Washington and would like to refi the 2nd house to clear debt and pay down my current mortgage on my house in Wash. so that I can then turnaround refi that house in order to take advantage of these rediculisly low rates. I'm just not sure of how to go about it and what to watch out for.
it's a simple cash out refinance? guidelines allow you take up to 80% of the equity in your second home. you will have to be able to handle both payments (which will be determined by your debt to income ratios). obviously credit, assets, etc play a factor as well.