7 good reasons for a mortgage refinance
Cash out to buy other property
Lately, Lazerson has noticed an interesting refinancing trend.
"One thing that's a trend now is that people are taking money out to purchase other properties," he says.
Often, it's to buy investment properties.
Refinancing to buy property can bring up unexpected tax and mortgage underwriting issues. A lot depends upon how the refinanced house and the new property will be used.
For example, which property will be the primary residence? Will the other property be rented out? Those are issues for a financial adviser or tax professional to untangle.