Blanket Mortgage
I am buying 3 properties from the same seller. I have heard about Blanket mortgages, where you could sell individually stiil if desired, but even better there is only one closing and transfer.
Is this true? Could I do it with 3 properties?
JB
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JB
Yes, you can get a blanket mortgage on three properties. Yes there are banks that allow you to sell one of the properties and pay a portion to the Mortgage. There are also banks that won't allow you to touch them without paying the entire mortgage. If that is your plan do your research about the banks in your area.
Lori
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