Zillow Advice: Home Buying - 2nd home, rental, or stay put http://www.zillow.com/advice-thread/2nd-home-rental-or-stay-put/255931/ Zillow Advice | Zillow Real Estate I am working with clients ... http://www.zillow.com/advice-thread/2nd-home-rental-or-stay-put/255931/ I am working with clients right now doing the same thing. Deciding what to do can be difficult. It's a buyer market right now and lots of great deals are available. If you need cash for your downpayment on the new home then <a href="http://www.zillow.com/refinance/">refinancing</a> and using some of your equity is one way to go. You will need to qualify for both <a href="http://www.zillow.com/mortgage/">mortgages</a> when you go to purchase so having the same broker do both <a href="http://www.zillow.com/mortgage/">loans</a> would be smart. That broker should be willing to discount fees if he/she is doing both loans for more savings.&nbsp;On the deal I am working on they only ask for rental agreement but it wasn't used to offset income. You will need to quailfy as I said for both payments.Good Luck let me know if you have any more questions. Mon, 13 Jul 2009 23:19:00 GMT http://www.zillow.com/advice-thread/2nd-home-rental-or-stay-put/255931/ 2009-07-13T23:19:00Z It's a great time to buy ... http://www.zillow.com/advice-thread/2nd-home-rental-or-stay-put/255931/ It's a great time to buy right now, if you don't need the cash for the new purchase I wouldn't advise <a href="http://www.zillow.com/refinance/">refinancing</a> - just depends on your particular financial situation - but would agree with the purchase as you may be able to find a really great deal on your new home.&nbsp; Hope this helps! Mon, 13 Jul 2009 22:51:00 GMT http://www.zillow.com/advice-thread/2nd-home-rental-or-stay-put/255931/ 2009-07-13T22:51:00Z