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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?)
Posted on 4/5/22 at 6:30 am to AUHighPlainsDrifter
quote:
Tell them that you plan to move into this home
This is the move.
You are GOING to move you and your family to this home and after a few months, your family circumstances will change and then you need to go back to your regular home.
Posted on 4/5/22 at 2:15 pm to AUHighPlainsDrifter
This is called mortgage fraud and the owner of the loan can do an immediate call on your loan if you are caught.
Posted on 4/5/22 at 2:51 pm to MrLSU
quote:
This is called mortgage fraud and the owner of the loan can do an immediate call on your loan if you are caught.
This. In addition, could have an issue on insurance.
Posted on 4/22/22 at 4:46 pm to I Love Bama
quote:Its a terrible move because its mortgage fraud and you could end up in jail if you get caught.
This is the move.
You are GOING to move you and your family to this home and after a few months, your family circumstances will change and then you need to go back to your regular home.
OP said he owns his current residence free and clear. I would just do a cash-out refi on the current home and use the money from that to buy the 2nd home cash.
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