Refinacing condo now...problems in buying a house in 2010?
Hello again. Situation: Looking to refinance our condo. Either to a 5/1 Arm or a 30 yr fixed, under the "Homes made Affordable" program. Leaning towards the 5/1 arm as we only plan to rent the condo out for a maximum of 5 yrs. (figure the market will improve in the DC area by then, We live in VA) We are fortunate that we owe less than what the condo is worth, but the condo has decreased in value a lot, thus why we will rent it out. What we can get from the rental, we should almost be able to break even,especially if we refinance to the 5/1 arm
Our main concern is that we want to purchase a house in MD sometime in early 2010. So will refinancing our condo mortgage cause us any problems in getting a new mortgage on a house in MD?