two loans

Hollie
Hollie
Home Buyer
Tracy, CA

We submitted loan to a lender for purchasing our primary home. Now we want to buy an investment house. If we submit our loan to other lenders, do we need to tell both lenders that we are buying two houses now?

Fri Jun 19 2009, 19:36 - Financing in Antioch - 3 answers
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Chuck Baham
Chuck Baham
Agent
94514

Yes!!! You should probably wait to purchase the investment property until after the primary closes. This way there isn't any conflict.


chuckb.rwdc@gmail.com

Web Reference: http://www.chuckbaham.com
Fri Jun 19 2009, 23:23
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Kamal Randhawa
Kamal Randhawa
Broker
California

For sure! Also, quite often, your interest rate will be higher on the investment property purchase. Make sure you are very truthfull with ALL parties, if not, you may be jeopardizing both loans.

Kamal Randhawa
Broker
510-932-1066

Fri Jun 19 2009, 20:27
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Ron Mangas Sr
Ron Mangas Sr
Broker
Fairfax County, VA
FIRST ANSWER

Yes, qualifying for loans requires full disclosure of all liabilities.

Fri Jun 19 2009, 19:40
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