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Updated over 3 years ago,
Cash out refinance primary THEN make offer? or sell primary?
Hello, Thank you in advance for your time. We would like to move to a new town and make an offer on a home. We have almost paid off the 15-year mortgage on our current home. Is there any general "rule of thumb" for holding on to single-family residence and renting (if you can afford to). I am considering if we should do a cash-out refinance and get a new 30 year loan, then use that money for the downpayment on the new home.
Would the cash out money be taxed? Is it preferable to complete these transactions in phases or all at once. First, cash out on primary THEN make offer and get a new loan for new primary or complete cashout and apply for a new loan at same time.
I can share specific figures if anyone is willing to offer their analytical brain and time in a private message.
Thank you!