Home: Refinance To Buy Second

: At least 20% equity must remain in the home after the cash-out. Credit Score : A minimum score of 620 is usually required.

: Because the new loan balance is higher, your primary mortgage payment will likely increase. Requirements to Qualify refinance to buy second home

: Refinancing into a new 30-year term can extend the time it takes to pay off your home and increase the total interest paid over the life of the loan. : At least 20% equity must remain in

: If you default on the new, larger mortgage, you risk foreclosure on your primary residence , even if the financial trouble stems from the second property. Requirements to Qualify : Refinancing into a new

: Expect to pay between 2% and 6% of the total loan amount in closing fees.

: Your DTI ratio should generally be 50% or less .