Updated over 9 years ago on . Most recent reply
Question about getting a second mortgage for another property
Hey guys. First post here! I have a quick question. I just purchased a house in a great rental area. I purchased it for $100,000 with 25% down. Mortgage, Taxes, Insurance total $600 / mo. I can get $1000/mo in rent + the tenant pays all utilities.
My question is, how is getting another mortgage decided? Is it debt to income ratio? is it outstanding debt? My current mortgage is a 3.4% 30 year conventional loan and I want to get a second loan to to buy another home and rent this one out. I can put another 25% down on the next house. Will I be able to be financed?