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Private Lending & Conventional Mortgage Advice

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Varun Parkash
  • Jersey City, NJ
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4 Property : Primary/Vacation (Husband-Wife - Separate buy) Poss?

Varun Parkash
  • Jersey City, NJ
Posted Jun 4 2018, 08:19

The scenario is as follows:

Husband - only on initial 2 properties mortgages with bank. Wife currently does not have 2-year work history & not on mortgage.

1. Husband owns 1 property solely and only on his name as his primary residence - rented it out later. Wife signed the quit claim deed and husband is the only one on title.

2. Husband about to close on a 2nd property - vacation home and loan/mortgage is only on his name. Husband wants to keep the title only on his name. Reason: this will keep wife's name out of any public and property records and then later wife can buy 2 homes - 1 primary and 1 vacation home by having her name on mortgage and also including husband funds on mortgage and either have "JUST HER name on title" or have her+ husband name on her next 2 properties.

3. Wife buying a primary home just with her name on the title.

4. Wife buying a vacation home just with her name on title.

Reason for doing this entire effort is to ensure lowest possible interest rates and legally be able to own 4 houses: 2 per spouse. 

Am i missing something or does it matter to banks/lenders in whose name the property has been purchased before to avoid getting an "Investment loan" which is at a considerable high percentage interest rate? All i know is that one person can have two homes at lowest interest rates: primary and vacation home.

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