Can I buy two houses?
Greetings! Here is a secured loan question I found when I was looking at Yahoo.
I found a house at 24,900 and another at 42,000. I qualify for a loan over 66,900. I want to live in one and rent out the other. Can I do this on one mortgage?
I often wondered about the same secured loan question. If you know more about this question, please share your knowledge.
Have a happy time!
November 30th, -0001 at 12:00 am
Doubt you can get one mortgage for two houses, especially if they’re not the same property. A mortgage is a loan secured by real property. Finding a lender willing to lend you money for two separate properties will be difficult, since each property will have to be identical for the lender to give you identical terms. That’s the bad part. The good part is, if you’re already pre-qualified for $66,900, you are a pretty good credit risk. You probably know that lenders favor homeowners over investors because there is an emotional inclination to keep your “home” as contrasted with keeping a business “investment.” (A rental home is just an income stream, right?) … Best bet, talk to your mortgage broker-slash-lender and ask them about getting financing for the two houses you’ve located. … Take care!!
November 30th, -0001 at 12:00 am
Yes you can give one on rent so that the burden of loan will be less.
November 30th, -0001 at 12:00 am
I don’t think so. Your lender would probably arrange 2, one for personal use and the other commercial. Might be different interest rates too.
November 30th, -0001 at 12:00 am
I don’t think so. Your lender would probably arrange 2, one for personal use and the other commercial. Might be different interest rates too.
November 30th, -0001 at 12:00 am
Yes,you can purchase but mortgage rates will be different !