Forgotten Your Password?

Need to Register?

Question Icon

Is it possible to refinance current mortgage and get a new mortgage on a new investment home at the same time?

by scottcoltonjr361 from Highland, Indiana. Apr 30th 2014 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

Yes you can as long as your debt ratio works carrying both payments. All information must be disclosed and your debt ratio will need to include your new payments.

Apr 30th 2014
0
0
Scott Swinford (scott@nwiloanguy.com)
#17 ranked lender in Indiana - 21 contributions

Yes, it can be done, but it could be a little tricky. Are you planning to use the equity from your existing home for a down payment on the investment property? There are a few other important questions to ask to make sure that this is as painless a transaction as possible for you. We're local if you need more information.

Apr 30th 2014
0
0
Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Hi Scott!Yes- you can do both mortgages at the same time as long as you qualify carrying both mortgages and the property value comes in to make the loan to value maxwork. Contact you local community bank or lender here on 411

Apr 30th 2014
0
0
Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Yes, but not eh the debt ratio issue mentioned by others.

Apr 30th 2014
0
0
Jason Vondrak (jvondrak)
#221 ranked lender in California - 1,741 contributions

As long as you meet the income, credit and DTI requirements for both mortgages it should not be a problem to refinance your current mortgage and take out a new mortgage for an investment property.

Apr 30th 2014
0
0
Subscribe to our news feed.