Updated about 5 years ago on . Most recent reply
Buying on and refinancing another on the same day
Hello all, on a recent BP Real Estate podcast Scott McGillivray said as a young investor there were 10 different banks that were all willing to give him 1 loan, so he closed on 10 houses (getting 1 loan with each of the 10 banks) all on the same day so they wouldn’t detect each other.
I’m in a similar situation in that I want to buy a new property, but I also want to refinance an existing property. If I do one, I won’t be able to do the other, because after doing the first, my debt-to-income ratio won’t be good enough to do the other. Would it be possible for me to get a refinance with one bank and take out a new mortgage with a different bank on the same day so they wouldn’t detect each other? Is this illegal or logistically implausible?
Thanks for your feedback!