Forgotten Your Password?

Need to Register?

Question Icon

Mortgage

We bought a duplex in 2010 and put the mortgage on our existing home. Would like to pay off our mortgage and put the mortgage on the duplex, is this possible.?Egon Elsner by egonelsner879 from Arnold, Maryland. Nov 18th 2014 Reply


Gene Neal (eneal@athccorp.com)
#33 ranked lender in New York - 273 contributions

It is possible it would depend upon your loan to value and your credit scores. But yes this is very possible.

Nov 18th 2014
1
0

Hi Egon!Depending on your credit, Income, value of the duplex, you may be able to do e mail me at Pete.bass@everbank.com For the next steps

Nov 18th 2014
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

You would be doing a Cash Out refinance on the duplex, and with the funds, you pay off your home. Doing a cash out refi on your primary residence is much easier than an investment property, and the allowable loan to value is higher on your primary. For investment, most lenders cap you at 75% LTV or lower, and the rates will be higher.. Also understand that not every lender allows for cash out on investment, so it's best you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 18th 2014
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

It's possible but may not be desirable if you want the best rate and terms for the new loan. As mentioned above, the rate on an investment property will normally be significantly higher than for refinancing your current home. The decision really depends on the reason you want to put the financing on the duplex. Everyone looks at these things differently, but i've always felt it doesn't matter - you still owe the money.

Nov 18th 2014
0
0
Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 63 contributions

This is easily doable. I have a lot of experience with this. Give us a call at 301 915 5644 and best of all we are in Maryland so you can actually meet us and see our operation if it makes you feel more comfortable. Most of my career I have worked with investors. Excited to hear from you. We have some great products right now for this situation..even for challenged credit.

Nov 18th 2014
0
0
Subscribe to our news feed.