Can I get 2 mortgage loans ?

Asked by Doc, Chicago, IL Fri May 31, 2013

I am considering buying a villa on the beach for investment only ,the price is around 500k ,got the 40 % down payment cash and ready to go ,so If I buy it ,can I apply for another mortgage loan to buy a home to live in .
I have very good credit score ,no debt ,no loans ,my assets around 250 K.
Thanks !

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11
, ,
Fri Jun 7, 2013
BEST ANSWER
This is an interesting question because there's far too little information to give you an answer here. We don't know what your income is like to qualify for two mortgages simultaneously or if you have a history of being a landlord (which would determine whether or not you can use the rental income on the investment property to negate the debt if you didn't have enough income to qualify for both simultaneously) and how much you're looking to spend on a new home. Granted, based on your assets, it appears as though you have a healthy income stream to generate those assets but for all we know it was inherited or you won the lottery or you retired recently.

You should definitely speak with a loan officer who knows the right questions to ask.
Web Reference:  http://RobWeber.com
0 votes
, ,
Fri May 31, 2013
Yes you can - and I welcome the opportunity to offer you a competitive quote for both
Please feel free to contact me at anytime
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
1 vote
Joanna Weiss, , Chicago, IL
Thu Jun 13, 2013
Yes. You are able to apply for different loans for these properties. I would be happy to help you secure financing. Joanna Weiss NMLS# 230092 773-327-3580
0 votes
JIM Michaels, Agent, Chicago, IL
Tue Jun 4, 2013
Sound like a job for Wesley

Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html‎
15+ items – Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274
Paul Gondek Senior Loan Originator. NMLS ID 226276
773-304-3412
773-304-3414
0 votes
, ,
Sat Jun 1, 2013
Zaher,

Yes you can. Please give me a call at your earliest convenience, or feel free to fill out a secure online applicaiton at my website.

Thanks,

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
mbukovy@wintrustmortgage.com
773-416-7107
Web Reference:  http://www.mattbukovy.com
0 votes
Manuel Brown, Agent, Chicago, IL
Sat Jun 1, 2013
Zaher,

I have great confidence in Sam with Guaranteed Rate. There team of people are simply amazing.
0 votes
Matt Laricy, Agent, Chicago, IL
Sat Jun 1, 2013
It should be able to be done. Speak to a lender about it.
Web Reference:  http://Americorpre.com
0 votes
Josh Barnett, Agent, Carney, OK
Sat Jun 1, 2013
Sure you can, you will just need to qualify for them. Click on the "Mortgage" Tab above, type in the areas you are seeking the financing and contact the Trulia Lenders that show up.

Best of Luck
0 votes
Martin Sanch…, Agent, Chicago, IL
Fri May 31, 2013
Not only can you buy two properties, but you may be able to buy more.
I specialize in helping buyers buy multiple properties with the same amount of money.
You just have to know how. I have the contacts to make this happen. Contact me for more details.
0 votes
Jeff Nobleza, Agent, Chicago, IL
Fri May 31, 2013
I have more than one mortgage myself... Call Bernard Duganzik of Key Mortgage at 847 508 0190 as I'm confident he can help you.
0 votes
Santiago Ken…, Agent, Chicago, IL
Fri May 31, 2013
Yes you can do it , talk with a 2 or 3 lenders and ask them.
Good luck
0 votes
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