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Is it possible to refinance two properties simultaneously?

my credit score is 780+, is it feasible? by DKline from Draper, Utah. Nov 2nd 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,626 contributions

Absolutely.. But you should probably use the same lender for both.. less paperwork for you... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 2nd 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Yes, you can do that but William is correct, use the same lender and make sure that the same underwriter gets both loans.

Nov 2nd 2012
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 227 contributions

I would reiterate the same thing. Your score is in a good place to do this, but the other determining factors would be income, debt and equity. It's actually a pretty popular way to refinance them since it cuts down on paperwork, etc., when you use the same lender to do them. I'm actually working on one similar to this, right now. I'm here in Salt Lake and would be happy to assist you. You can call me at 801-918-9385 or email me at brett@homeloansinutah.com.

Nov 2nd 2012
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Bud Bruening (utmortgageman)
#48 ranked lender in Utah - 3 contributions

It's absolutely an option. I have a lot of clients in the Draper area as well and can help you with what you are looking to do. If I can be of assistance and answer any questions please let me know. You can reach me at 801-716-5246 or at www.mymtgsolution.com.Bud BrueningUtah Mortgage Broker

Nov 2nd 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,237 contributions

Sure - and it is easier in a lot of ways because the same documentation can normally be used for both loans.

Nov 2nd 2012
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Nathan Johnson (NateJohnson)
#32 ranked lender in Utah - 2 contributions

Yes it is feasible and quite easy to do I would say it is easier to do them together as you only have to get your paperwork out once I am a broker in salt lake call me I would love the opportunity to help you Nate 8014588076

Nov 2nd 2012
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Cory Blackburn (loansbycory)
#57 ranked lender in Utah - 11 contributions

Like most answers in the mortgage world.... it depends. You have the FICO score necessary, but other factors come into play-- income, other debts like cars or credit cards, all the housing payments, and the big one these days... equity. The good news is on a refinance for your primary residence and investment or second home you can use the NEW LOWER payment that the lower rates will give you to qualify. So if you are comfortably making both payments now, and have been on top of all your bills as your credit score shows, I don't see why you couldn't qualify with lower payments. Hope that helps! Cory

Nov 2nd 2012
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Casey Persinger (casey@thelowpricelender.com)
#31 ranked lender in Utah - 30 contributions

Yes it is, value and income are probably more of a determining factor than credit score anymore but yes you can. I know the Draper area very well, are you in the South Mountain area? Hi, I'm Casey Persinger, I am a Mortgage Loan Originator in Utah with an "A" rating with the Better Business Bureau. How may I serve you? I can be reached at 801-682-LOAN (5626). I look forward to speaking to you.

Nov 2nd 2012
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

As other have said - yes and it usually makes sense to do that. However, there are other factors such as debt to income, loan to value and cash to close that need to be evaluated. I will be happy to take the time to review your situation and give you the best loan options, fees and rate. Give me a call. I am in Midvale. Linda Miller, 801.550.1222.

Nov 2nd 2012
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

Yes, you can. To help streamline the process and make it easier for you, you may want to use the same lender for both refinances.

Nov 2nd 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Absolutely. Call me on my cell at 801-971-6901 or go to my website www.carlo.blueroof360.comThanks

Nov 2nd 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Yes it is.

Nov 2nd 2012
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Will Whitaker (will@amlend.com)
#50 ranked lender in Utah - 6 contributions

I would caution against using the same lender just for the sake of convenience. I would ensure you're getting the right loan for eacy property at the right price point, and not all lenders have sweet spots on every loan product. So I'd take fit and better pricing over convenience most of the time, and a good loan officer can help minimize the pain of back-and-forth between the two underwriters anyways. www.bestmortgageratesutah.com or call me at 801-652-7320. Good luck!

Nov 3rd 2012
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Jason Dreier (Jason_Dreier)
#42 ranked lender in Utah - 6 contributions

I recommend that you finance the two properties at the same time.1. It gives the underwriter greater clarity on the bigger picture2. It minimizes your paper work - you only submit your paper work once.3. It reduces the inquiries on your credit report4. It should help with qualifying - Theoretically you are reducing the rate/payments on both loans reducing your debt to income ratio'sPlease feel free to contact me with any questions you have.Thanks,Jason

Nov 5th 2012
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