Refinancing a condo we plan to rentHi, we bought a condo for 120k 3 years ago in june of 2010. We pay about $750/moth because we did a 30 year loan with a 5 year arm at 4%. We plan to keep the condo indefinitely to rent out. We now want to buy a house, and are qualified for 300k with the condo NOT rented (which we are basing it on to be safe). My question is this, should we refinance now at a fixed rate or buy our house now and pay our condo down to have 20% equity and then refinance it as an investment property? We are planning on a 15 year refi, which will put our payments between 1200-1300/month, which means we will qualify for less of a house. Does anyone have any idea how much this will drop the amount we can do for a house? We currently owe 110k, we we would have to pay about 14k to get it to 20% equity, just as a reference. ThanksMarch 08 2013 - Salt Lake City00YesReport 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.