Refi FHA to Conventional and pull equity

[Ian McDonald]

Bigger Pockets family,

I recently spoke with my mortgage broker to get approved for a loan on a new primary residence. I have an FHA with 30% paid down on my current primary under 3%, 15 year terms but plan to refi to a conventional and pull out the equity to both purchase a new primary and get an investment property. I have a couple questions:

1.  Have any of you done this and is it a decent path to take?

2.  My spouse and I are both together on this but I am unsure whether it would be better to get approved separately or together.  I would assume getiing approved together would limit our future options.. am I wrong?

I plan to rent out my current primary residence as it would cash flow around $450/month at the same time we move into a new primary.  Any advice or input would be greatly appreciated.

Thanks,

Ian