Refinacing home to offer cash to by a short saleWe have a home in a very nice area with good schools. We want to rent it out after buying new place. We figure that it is worth 350 - 375 and we owe 87k. Would the interest rates be very much higher if we cashed out some of our equity to purchase a new residence. Someone told us to not tell the lender that our current house wouldn't be owner occupied and that we just wanted $$$. It seems to me that they would find out and I really want to be up front about the refinance.Thanks, CurtApril 25 2012 - Issaquah00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.