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Jane
I can tell you more if you describe your situation in a little more details. First, why you want to buy a house in San Diego? Rental or vacation home? If it is for rental, that make sense. Second, how much interest rate you’re paying on your 1st and 2nd mortgage? If refinancing can get you a lower interest rate plus cash out and will keep your mortgage payment about the same, that’s the best and make sense to do so. If you want to move to San Diego and sell your current home, you probably don’t need to pay any capital gain cos’ you have $250K tax free on your own house. Add the potential rental income and do some more calculation to find out the best way to afford two houses mortgage.