December 29, 2013

How to refinance a house you're renting out

By Marcie Geffner - Bankrate.com

Buying a home is an attractive proposition in these days of low mortgage interest rates and fallen house prices. But if you want to buy a new home while renting out the old house, you could face a glitch. It might be hard to refinance a house that you're renting out.

That's because "things change when you're no longer dealing with a primary residence," warns Ben Chenault Jr., regional manager at Fairway Independent Mortgage in Birmingham, Ala.

Read more: http://www.bankrate.com/finance/refinance/refinance-house-renting-out-1.aspx