We are looking to refinance our 2 rental properties to 30 year mort. We want to profit more each month AND pull cash out to use to purchase more properties. Could we also group these 2 into one mortgage? Thinking about the number or mortgages we can ultimately have under our name and wondering if this could be a way to get more? I am reaching out to our local banks, but want to get input and the right questions to ask our mortgage lender. Thanks in advance!
Let start with what state the properties are in?
@Amy Frederick you mentioned you wanted to refinance TO a 30 year mortage....what type of mortgage are you in currently?
@Amy Frederick It's not the number of mortgages that you have, but the number of financed properties. This restriction primarily applies to conventional loans. Are you trying to qualify with full income documentation, or are you looking to qualify only based on the income of the property? Credit, loan amount, property value, property type will also be factors. Do you own your primary residence?
We have conventional loans on both properties. We own our primary residence.
I talked with a bank today about grouping. The bank said we could group, but one of the properties would need to have enough equity to carry the other. So down the road I think we will look into this, but for now we don't have the equity in the rentals.
We just got a HELOC on our primary residence and along with refinancing our current rentals to pull cash out, we are looking to purchase our 3rd rental using the BRRR method.
Thanks for your help.