Near Future Investor Question

[Raynard Simmons]

Hello BP, New to the site and the world of REI. Wanted to get your professional thoughts or recommendations on my current situation. Any feedback would be greatly appreciated! I am a current home owner who is in the process of refinancing my property. If all goes through as planned, I'll be saving close to $500 on my existing mortgage (bought 8 yrs ago w/ high IR). After speaking with a mortgage broker who also works with investors, he informed me that I qualified for a $250K loan toward a new residential property. Should I lease out current property and buy new or keep existing and buy investment. I don't have cash for the 20% down on a investment loan (unless I borrowed against 401K). Just trying to see if there were other options I haven't considered or better alternatives....