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Getting a Mortgage on a 2nd Home (Hints, Advice, etc?)
Posted on 6/17/21 at 3:40 pm
Posted on 6/17/21 at 3:40 pm
Free & clear on the primary residence.
My credit score is ~800, I can qualify solely as can Mrs Füt (no pics) but I'd like to have the mortgage jointly for shitz & giggles.
~15-20% Down, Property value will be less than a Jumbo loan value.
Same state (MS) as my residency & other property.
Not using the new property to generate income.
I'm wondering about best practice on prequalification without assaulting my personal Credit Report?
Any suggestions would be appreciated. TIA
My credit score is ~800, I can qualify solely as can Mrs Füt (no pics) but I'd like to have the mortgage jointly for shitz & giggles.
~15-20% Down, Property value will be less than a Jumbo loan value.
Same state (MS) as my residency & other property.
Not using the new property to generate income.
I'm wondering about best practice on prequalification without assaulting my personal Credit Report?
Any suggestions would be appreciated. TIA
12
Posted on 6/17/21 at 3:53 pm to soccerfüt
not sure there is anything special you’d need to do, assuming you have income you should be able to get any loan that is offered.
Posted on 6/17/21 at 4:26 pm to soccerfüt
any acreage or just a house?
Posted on 6/17/21 at 4:38 pm to soccerfüt
It's just a mortgage inquiry, you lose about 4 pts and you'll get them back after 30 days. You can also shop around lenders within that 30 days and not get dinged each credit pull for mortgage inquiry. If you're around 800, 4 pts won't make a difference at all.
If the new property is within 100 miles of your current property, it'll have to be considered an investment property (higher rate than 2nd home), unless it's at a resort or waterfront property, then it can be considered 2nd home.
Yes 20%.
I'm sure you have the funds for DP and closing already, but just in case not, family gift funds are not allowed on 2nd home and investment property loans.
If the new property is within 100 miles of your current property, it'll have to be considered an investment property (higher rate than 2nd home), unless it's at a resort or waterfront property, then it can be considered 2nd home.
Yes 20%.
I'm sure you have the funds for DP and closing already, but just in case not, family gift funds are not allowed on 2nd home and investment property loans.
This post was edited on 6/17/21 at 4:40 pm
Posted on 6/17/21 at 4:41 pm to soccerfüt
Tell them that you plan to move into this home
Posted on 6/17/21 at 5:07 pm to soccerfüt
quote:Are you in a position to lend it to yourself using an intermediary?
Getting a Mortgage on a 2nd Home (Hints, Advice, etc?)
quote:
I'm wondering about best practice on prequalification without assaulting my personal Credit Report?
How would you assault your personal Credit Report?
This post was edited on 6/17/21 at 5:08 pm
Posted on 6/17/21 at 7:09 pm to soccerfüt
Sounds like a fairly inexpensive home? Why not take out a mortgage on your residence to cover it? That way you lock in the lowest rate.
Posted on 6/17/21 at 7:18 pm to soccerfüt
did this on a condo once...
primary house was paid off so just took a loan on the primary house...forget what it was called.... they basically just check to make sure what primary house value is and give you x percent of that to spend on your items ...
they try to push you up to the max and say hey while getting the condo go get a rv of put a pool in your house....
was painless...used the same bank thst had the original loan on my primary house thst i psid off...good rate...treated like regular loan on taxes and no prepayment penalties....
primary house was paid off so just took a loan on the primary house...forget what it was called.... they basically just check to make sure what primary house value is and give you x percent of that to spend on your items ...
they try to push you up to the max and say hey while getting the condo go get a rv of put a pool in your house....
was painless...used the same bank thst had the original loan on my primary house thst i psid off...good rate...treated like regular loan on taxes and no prepayment penalties....
Posted on 6/17/21 at 7:32 pm to soccerfüt
As long as its 50miles away you will get primary like pricing
2%s
If investment low 3s
Just pick a lender and close the loan in under 15 days
2%s
If investment low 3s
Just pick a lender and close the loan in under 15 days
Posted on 6/18/21 at 3:58 pm to soccerfüt
Get a mortgage on your primary residence. Will likely get a better package. Use the money for the second home.
Posted on 6/21/21 at 4:57 am to soccerfüt
I was in the exact situation. No primary mortgage. Not sure what you’re asking-I called the bank and got a loan? 2.84% for 30 w 20% down
Posted on 6/21/21 at 8:07 am to soccerfüt
Summarize you have 2 plays
If it’s 50 miles away it’s a non issue, same rules as primary apply
Under 50, lie and say you are planning to move into this primary and once the money is secured, oh well.
If it’s 50 miles away it’s a non issue, same rules as primary apply
Under 50, lie and say you are planning to move into this primary and once the money is secured, oh well.
Posted on 4/5/22 at 6:09 am to soccerfüt
quote:You can work with a broker, borrow against your portfolio, and write the interest off as a portfolio expense. It's a little tax bene that's useful if one's combined notes exceed the $750K mortgage interest deduction cutoff.
Getting a Mortgage on a 2nd Home (Hints, Advice, etc?)
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