First Property Scenario

[Blake Russell]

I've only been on my journey researching for the past month chomping at the bit to get out there and buy a home...however my wife and I signed a purchase agreement back in January on a new house build so I decided to postpone buying my first property until we close on our new home in October/November time frame....

However, the more information I keep digesting, the more I keep thinking why don't I cash-out refi our current property and keep it as my "first property" to rent out? We need a healthy down payment, but luckily with the shift in pricing we appear to have a lot of room between what's left on the current mortgage vs. what the property will most likely appraise for...

The main problem I am trying to tackle in my head right now is if refinancing in July when we close in October/November (and we will need/use conventional financing for that home) really a good idea? I'm just very concerned that might impact our financing for the new home. I maintain anywhere between a 750-790, my wife commands a 800+ and between the both of us we make just under 200k a year at our normal jobs. 

Should I be concerned or should I start the paper work?