DTI vs 2nd mortgage.

[Bo Robinson.]

in the boat now where I've paid enough towards my first home that I feel comfortable in doing a cash out refinance. However since I physically don't make a lot of money on paper my debt to income ratio reflects higher to a bank than I feel it should... I was able to get approved for a Cash out refinance while simultaneously dropping my mortgage 15 years and a percent and a half. 

however after speaking with my new lender and them letting me know how it was a little bit harder to get me approved this has me worried about getting approved for a second mortgage. Now to offset this, would it be wise since I haven't closed on the cash out refinancing to switch it to 30 years instead? To reduce my "monthly payments" to the bank or to run with the 15yr and take the 50% cash out that I can get and figure it out later. I don't want to lose out on the low mortgage rates at the moment, but I also don't want to screw myself for possibly not getting approved for a second mortgage.  

thank you in advance from a 2-year reader and first-time poster. I've got to the point where I'm at now making a third of what all my friends make by constantly reading here and watching the videos on youtube.