I live in Florida. I own the house that I live in. I also own a condo that I rent.?
by Mortgage Rates on Sunday, October 17th, 2010 | 3 Comments
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When you do this, go to companies who are the actual lenders. Mortgage brokers aren’t going to provide you with any service that you can’t achieve on your own.
I have never heard of anyone combining two mortgages into one for two different properties. I have seen people with two mortgages on a SINGLE property refinance into one mortgage.
We used Chase Bank here in Dallas. I did not have a good experience with them but eventually the did get the deal done. I would call them as they can acutally fund the loan. It may come down to what your state laws are and if you can acutally have one loan on two properties. If you default on one does that mean you’ve defaulted on both? I’m really not sure as to whether you will find a good answer here about this topic. Better to call the bank.
Good Luck
You can’t get one mortgage on two different properties.
As for your home equity loan, talk to your lender or to another bank to see what you can qualify for.
Always start with the banks or mortgage companies you already have relationship with. If you had a good record with them, you can negotiate for better rate, have closing fee waived, save on credit research and other fees.
If you do not find satisfactory rates with them, go to http://www.bankrate.com/ This site provides good consolidated interest rates information for all types of loan.
Best wishes.