Hey Sergio, can I take out equity for a down payment on a new house and rent out my current house? Great question!
This depends on a few things.
1. Are you willing to pay the extra mortgages if the renter don't pay?
2. Can you handle keeping up 2 separate places?
3. Are you ready to keep the rental if the market turns and the tenant doesn't buy you out?
4. Is it worth the risks involved? There are some other factors that go into a scenario like this, such as rates, fees, loan to value ratios, etc...
It's always best to consult with someone like myself who can really give you a full understanding of how this could work for you.
I'd be happy to help in anyway that I can. Give me a call!
Also, check out the kind words a recent client said about my services on Zillow!
Have a great day!
Evolve Bank & Trust
Zillow Published Review:
Here is what seagrrl wrote: How likely are you to recommend Sergio Lebrija? Highly likely!
Summary of their experience: Sergio was very helpful and always got right back to me. He was very knowledgeable and seem to really care. I would definitely recommend him to my friends. Melissa was also very helpful in making sure I had all the right docs and everything for my loan was processing smoothly.
Service provided: Closed Purchase Loan, Year 2016.