Refinance question blanket loan or individual loan
Hello I am in Houston. I own 4 single family properties. I am trying to refinance my properties. Should I do blanket loan or inidividual loan for each property. If the answer is blanket loan do you know any bank does that?
I do not own an LLC.
P.S. I have heard that blanket loan reduces your debt to income ratio.
Most Popular Reply
@Filmon "Phil" Haile, they type of loan you're asking about will likely be non-conforming or commercial, which means you'll pay more expensive terms (higher interest rate, shorter term, etc), which drives your payments up - sometimes significantly. It will definitely not improve your DTI. People generally use these when they are forced to because of some other factor (such as reaching the max number of conforming loans Fannie allows), not because they want to.
If you want non-conforming or commercial, you just have to start calling around. Look at an online map, type 'bank' or 'credit union' and call whoever is in your area.