All Forum Posts by: Derwin Davis

I'm coming in at 52% DTI, should I refinance my second home back to 15yr term to drop the payment $980 from $1380? And do my first home back to a 30yr I currently have 8yrs left on it, I want to prepare myself for the summer deals that will be available in the summer by tapping in to the equity and having a down payment of 80k for a 3rd property. I just need to know how to make the next move to get approval, I'm gonna try 3 other banks today

I am currently trying to use the equity on the 1st home with a credit union bank , I want to do a cash-out refinance of 80k to purchase a 3rd property, but the credit union is saying that my debt to income ration is at 49% and it’s not letting me qualify. I don’t get how I can’t qualify My only debt is the two mortgages and a car payment. My mortgages are $700 and $1380 , I rent my second home out so that should help cancel that payment on my debt ratio right? I’m looking at a 15yr 2.5% rate. Can I get some guides please please?