Q: I have mortgages on a rental property and the home I occupy. I would like to refinance the mortgage on the home I occupy. However, I will be moving across country in the next couple of months and plan to buy a third property. Will refinancing on my home now hurt me in applying for a third mortgage?
A: To the extent that the refinance improves your fiscal situation, it may actually be a benefit to make the change. However, it would be best to have the refinance transaction completed before you start on a new purchase transaction, just to help keep your credit files and paperwork from changing in the middle of both.
A 25-year expert observer of the mortgage and consumer debt markets, Keith Gumbinger has been cited in thousands of articles covering a wide range of consumer finance and economic topics in outlets ranging from the Wall Street Journal to the Bottom Line newsletters. He has been a featured guest on national broadcasts for CNN, CNBC, ABC, CBS and NBC television networks and has been heard on NPR and other national and local radio programs. Keith is the primary researcher and writer for HSH.com's MarketTrends newsletter and has authored or co-authored a number of consumer guides on mortgages, home equity, refinancing and more.
