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Updated almost 3 years ago,

User Stats

19
Posts
7
Votes
Lily Sellers
  • New to Real Estate
  • Idaho
7
Votes |
19
Posts

Mortgage Lender wont let me refinance equity. Options?

Lily Sellers
  • New to Real Estate
  • Idaho
Posted

Got pre-approved for another investment property for only 200k (not much in my market) But, I have more than enough equity in one of my other properties that would cover more than enough for the difference I want to spend on a specific property. I tried seeing my options for refinancing the house to tap into some of the equity but the mortgage lender I'm using told me My DTI ratio is too high (Hasn't been two years reporting tenants renting, and my second job hasn't been secured for two years) So I can't refinance the loan. Other than waiting out the two years to include both of the previously mentioned incomes, is there another way to tap into the equity of my house? Does HELOC's go off of DTI ratio as well? Is there any other options other than refinancing and Helocs? Is DTI different for different mortgage lenders? Thanks in advance friends. Because of everyone's expertise on these forums I have already made life changing investments in the last year.

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