Buying Investment Properties while refinancing primary residence?

[Ryan Pearson]

I just refinanced my primary residence and it took over 6 months to close on the refinance. I was told by the lender not to make any major purchases, or take on any additional debt, until the refinance closed. I just closed on the refinance a couple weeks ago and now I'm in the process of opening a HELOC and I'm being told it will take another 2 months. My search for an investment property has been on hold the entire time. How do others deal with this situation? Am I correct in holding off purchasing an investment property during a refinace?

[Ryan Pearson]

@Forrest Faulconer I’m not exactly sure. I think a combination of too many people refinancing at once and an overwhelmed lender.