What Would Be The Best Move
I have excellent credit my debt ratio is a little high. I own two houses one I live in and one I rent. I have approximately 10years left on the rented house and 14 years left on the house I live in. I took 15 year mortgages on both of them. I am thinking of refinancing both of them into one loan with some additional cash to help get me started in the rehabbing business. I would like the loan to be a 10 year loan. Where should I shop for a loan like this.
Thanks I will look into that.
To ass to the prior comment, a blanket mortgage is a tough package to handle... If you ever needed to sell one of the properties that is covered in the blanket mortgage - you would either have to refinance that out or sell the whole package. You most likely can not just sell one of the properties...
Good Luck!
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If you have equity, why not an equity line of credit?
It seems like a HELOC is what I should do. Thanks for the help. Any ideas on listings of foreclosured properties. Where to get them and what steps should be taken. Thanks again
If you have good credit and reserves any local bank would allow you to put one loan on both houses if the equity is low enough. Most mortgages like this have clauses that allow you to sell one or both. You would never have to sell them both or pay off the loan in full if you wanted to get rid of one of them. Go to the bank where you have your checking and savings accounts. They would give you the best rates and the best deal.
Laurie
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