Consolidating multiple mortgages dating ebook collection
There are many ways to finance more than four properties as an investor.Some banks may tell you it is impossible, but there are banks who will lend on 10, 20 or even 100 properties.If the second lender does not agree to this, you will not be able to refinance both mortgage loans, whether or not you are at 100 percent LTV.You can call around to any mortgage lender licensed to do business in your state -- not just the lender to whom you already send your mortgage payments -- to determine if any of them are willing to combine your first and second mortgage loans through a refinance even if you have no equity. But if you have strong credit -- most lenders today consider a good credit score to be 740 or higher -- a steady stream of income and a low debt-to-income ratio, you might be able to convince a lender that you are worth the risk of a no-equity refinance.Combining mortgages allows the homeowner to pay a single, low-interest rate mortgage payment.Whether or not combining first and second mortgages into a single payment is a good idea depends on several factors: How much equity you have in your home, the amount of your second mortgage, the length of time that passed since you secured the second mortgage and the homeowners current credit score.The choice to refinance and consolidate two mortgages can eliminate higher interest loans and save you money.
You can combine your first and second mortgage loans into one loan with one payment through a refinance.
This means that if you take out a combined loan, you will be paying a premium price to finance your home purchase.
In addition, your ability to sell the condo in the future will be severely hampered.
There are traditional banks that will finance more than four properties and portfolio lenders who will lend on many more than four properties if you know where to look.
There are even national lenders that specialize in rental property loans that prefer to lend on huge packages of rentals.