Noob question about refinancing

[Josh Ridgely]

So I bought a house in January 2020(perfect timing I know). Bought it for $60k and did most of the rehab myself along with my wife. We have since moved and are going to be done with the house in around a weeks time. The house is now worth roughly $140k. I want to rent this house out, but use the equity to build another house of our own. 

My question:

When I go to refinance, my monthly payment will be changed to that of a 140k house correct? And at the current rates of roughly 6% with my lender? 

I’m trying to see what I would have to get in rent to make it worth it. And if it’s possible to get that or not. 

Thanks!

[Chris Seveney]

@Josh Ridgely

Your monthly payment will be based on the amount of the loan you get at current interest rates. If it appraises at $140k bank will let you borrower 75-80% typically - some may have higher LTV, so speak to someone like @Upen Patel as they have investor loans

Good luck and congrats on your achievement