Impact of mortgage on credit score

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Hi, 

I'm considering buying a condo for myself. However, I'm a bit concerned because I'm planning on refinancing a property and pulling equity out of it. 

Assuming I buy the condo, is it possible lenders would deny my refinance application ? The property is owned free and clear. Right now I don't have any debt, but if I buy the house my debt to income ratio would be close to 35 %.