If I just refinanced my home mortgage, can I finance a new investment property soon after?
I just refinanced my home last month and got a much lower rate and payment. Of course, this means my mortgage was paid off and a new loan was initiated. Does this affect my credit in a way that would hamper me being approved for a mortgage on a new investment property?- No since the investment property would be a commercial loan at a much higher rate. If you have enough income to cover the payment should be no problem
- Yes it could. Basically the bank is going to review your credit with the house that you just bought taken into consideration. The banks may ask you for a bigger % as a down payment because it is considered an investment property. If you have everything lined up and your debt to income ratio is where it needs to be then you should be fine in buying another home. If you do not have the $ for your down payment or if your past your ratio then the bank will see that your too much of a risk to lend for a second home
- Just having refinanced your residence should not be a negative. It would be impossible to say what might keep you from being approved for the investment property purchase, but it has gotten more difficult to qualify. If your ratios are improved, I would think that would help you. Count on needing 25% down payment. Do you have a history of managing rental property? If not, lenders are going to count the payment on the new property in your ratios without any credit for the rental income on the new property. The more liquid ets you have the better and excellent credit is pretty much a must. Count on the fees being much higher as Freddie and Fannie charge like 1. 75% in delivery fees on rental property and then there could be additional fees for multi - unit properties or based on your credit scores and the loan to value. The refi on your primary would be a cake walk by comparison
Knowledge Base
Federal Interest rate vs. Home Mortgage Rates?
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Do we need to get a new le insurance when we refinance our home mortgage loan?
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Knowledge Base: Home Mortgage
Is this mortgage calculator accurate?
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Is it possible to sell a house with negative equity, and roll that into a new home purchase mortgage?
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Is it possible to get a new home mortgage after having a house foreclosed on you?
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Knowledge Base: New Home Mortgage
Is it really possible to get a new home mortgage loan with a recent foreclosure?
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If I just refinanced my home mortgage, can I finance a new investment property soon after?
i just refinanced my home last month and got a much lower rate and payment. of course, this means my mortgage was paid off and a new loan was initiated. does this affect my credit in a way that would hamper me being approved for a mortgage on a new (new home mortgage)
What do you think about the new government home mortgage plan?
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Can I place the remaining mortgage payment on my existing home towards a mortgage on a new home?
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Is it difficult to obtain a new home mortgage under current economic conditions?
va eligible / low debts and high income / current homeowner with no late payments on current mortgage which is almost paid off / but 4 very old medical collections so, what are my chances?. yes. it's very difficult even with excellent credit and 20% to put down. yes. but (new home mortgage)
