Need Advice on How to Finance a Deal

[Shonna Parker]

Hello all, this is my situation and my husband and I disagree on the best course of action. We have a house that is worth $135,000. We owe $40,000 and it will be paid off in 8 years. We just bought a house at an auction for $76,500. After fees, we owe $75,000. Should we do a cash out refinance on the first house to pay for the new purchase, should we try to get a separate mortgage, or should we pay for it using savings. I appreciate any help.