I bought my first house about a year ago (300k, 20% down, 4.52% interest). After about 6 months, we were able to buy our dream house which was a short sale (415k, 15% down, 5.4% interest). The second loan was an investment loan.
We’ve spent 5 months doing renovations to the second house. We are just now moving in and we plan to rent out the first house for about $2200 per month.
I want to refi, but i was told that i need several months of rent to refi both houses. Is this true? I really want to refi right now, as rates are good. my credit score is 780ish.
My bother said should just refi the investment loan now, then wait 3 months and refi both loans again, depending on rates. What do you think?