Can you buy another house with a current mortgage?

Home Forums Mortgage Loan Can you buy another house with a current mortgage?

This topic contains 7 replies, has 2 voices, and was last updated by  admin 1 year, 7 months ago.

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  • #81999

    admin
    Participant

    #344360

    admin
    Keymaster

    Absolutely, I have 3 houses all with 2 different mortgage companies. The following site is where I got my last 2 mortgages from.

    #344361

    admin
    Keymaster

    Depends on your income/debt ratio; and, of course, your credit score.

    #344362

    admin
    Keymaster

    Its not impossible but it depends on your personal financial situation, the nature of your mortgage, how much is the house you have in mind and whether luck is on your side!

    For example, are you planning to take out another mortgage to buy this second house and if so, with what? Also, is your financial situation stable enough to ensure you will be able to handle the repayments? The financial situation of your city is also important – you do not want to get caught in a second mortgage at times of interest rate fluctations! If you are not confident enough, there is always the possiblity of considering purchasing something cheaper – for example, land or an apartment.

    #344363

    admin
    Keymaster

    Not without the consent of the lender. A mortgage is a collateralized loan meaning that the actual property is the collateral for the loan. In other words, if you default on the loan, they can foreclose on the property to recoup any losses. The new property might not be acceptable to the lender.

    To my knowledge, mortgages are not transferable between properties (at least not without the consent of the lender).

    #344364

    admin
    Keymaster

    Yes you can, depending on the credit, income and property. I am a mortgage broker licensed to do loans in Arizona, California, Colorado, Minnesota and New Mexico. We have programs that go up to 100% purchase price for an investment home or second home. Visit my site for a loan in these states or find a mortgage broker licensed in your state. You can try a lender but brokers have access to hundreds of lenders.

    #344365

    admin
    Keymaster

    yes

    #344366

    admin
    Keymaster

    Yes you can.

    It can be either as a N/O/O Non Owner Occupied

    or as a

    2nd Home

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