Cash out refi on primary residence - renter incoming

[Matt Oldsey]

I am intending to rent what is now my primary residence and buy a new home. Question is: should we execute cash-out refi AHEAD of renter signing lease or AFTER? We will need some $ from equity to close on next home. For whatever reason, market for home sales are soft in our neighborhood, but rent is pretty firm. Rent- 2500 Current mortgage balance 275k @ 4.25 Current monthly cost PITI - 1425