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I am almost paid off on my mortgage (a two family home). I want to purchase a new single family home and rent the first home. Should I wait until I have completely paid off my mortgage before applying for a second?

by joey727 from Glendale, California. Mar 30th 2018 Reply

Ken Gunn (Ken Gunn)
#122 ranked lender in California - 19 contributions

Joey, You do not have to pay off your current loan to qualify for a new loan. You may be able to use the income from renting your current home to qualify for the new property. Any other questions. or 714-374-3799. Ken Gunn

Mar 30th 2018
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,895 contributions

There is no requirement of any kind for you to wait.

Apr 3rd 2018
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