You stated you bought property/down payment/and the expenses.You fail to say how much mtg you now have. When you increase you mtg exp, you lower your FICO. Now you want to borrow again, you FICO will be lower & harder to get another. That you have to find out what you have as expendiable credit. Remember, your credit will be tapped out. Carefull. Outside of your present situation, you need a "small" amount of mtg. Small $ are hard to get, and interest very high. Soooo, it might be advisable to get a $50K mtg, 30 year fixed (lower int payments), BUT, pay back the overage within 2-3 months. If (when) you pay back the $20-30K mortgage, you will end up with the amount of mtg you want, but at a lower int rate. Might be couple bucks higher for payments, but that would go for your principle balance. Be very careful.....your buying condo/home owner stuff, and you can go down the tubes with it. If you are not into the rental business, be careful. We have been in for 20 some years, and if you dont know what your doing, you will not make it. 95% of rental owners/renters walk away with terrible results. Its not an easy to make that money. As great as it sounds, it can be a distater. Dont be fast to jump. Try one first, and see.
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