Looking to get a mortgage against a house that i already own
Hi everyone,
I recently purchased a home in upstate New York with cash that i got from a private investor. In order to pay that investor back i was looking to take out a mortgage against the house that i already own, give the investor his cash back and then pay the house off through that mortgage that I’ll hopefully get.
I was wondering if anyone knew the best place to go about getting this mortgage or a place to find the best rates or if what i trying to do is even possible! I️ am new you real-estate investing and am open to any/all the help I can get! Thanks for listening!
Best,
Tommy Nolan
Most Popular Reply
@Account Closed If the loan is closed within six months of purchase, even paying a private lien like that, it would actually be priced as a cash out refinance (delayed financing), which typically carries a slightly higher rate.
If after six months, he probably has a shot of refinancing as a rate/term which is slightly better pricing.