Posted on: 04th Jun, 2007 01:47 pm
hi all,
is it possible to have 2 mortgages being processed by different lenders around the same time, like buying 2 properties at the same time. the loan need not close at the same time, but they overlap during processing. does this happen often? anybody done that? what r the pros and cons?
is it possible to have 2 mortgages being processed by different lenders around the same time, like buying 2 properties at the same time. the loan need not close at the same time, but they overlap during processing. does this happen often? anybody done that? what r the pros and cons?
Fais,
It may happen but are you quite sure that you will be able to manage two loans together? I hope you have prepared a well planned budget and will be moving according to it.
It may happen but are you quite sure that you will be able to manage two loans together? I hope you have prepared a well planned budget and will be moving according to it.
yes mac, i am financially capable. so will there be any additional complication?
Hi Fais,
Welcome to our Community.
I agree with Mac. It is possible and i do not think there will be any additional complication.
If you can afford both the loan then go ahead.
Thanks
Welcome to our Community.
I agree with Mac. It is possible and i do not think there will be any additional complication.
If you can afford both the loan then go ahead.
Thanks
Hi Fais,
I also agree with Mac. If you are financially capable and can manage other debts, if any, along with these two loans, then there won't be any problem.
Thanks
I also agree with Mac. If you are financially capable and can manage other debts, if any, along with these two loans, then there won't be any problem.
Thanks
Might be an issue of fraud if in both applications you are attesting that the properties will be owner-occupied principal residences.
"hi all,
is it possible to have 2 mortgages being processed by different lenders around the same time, like buying 2 properties at the same time. the loan need not close at the same time, but they overlap during processing. does this happen often? anybody done that? what r the pros and cons?"
One other thing is that rate on the second mortgage will be slightly higher compared to rate for the first mortgage.
Miller
is it possible to have 2 mortgages being processed by different lenders around the same time, like buying 2 properties at the same time. the loan need not close at the same time, but they overlap during processing. does this happen often? anybody done that? what r the pros and cons?"
One other thing is that rate on the second mortgage will be slightly higher compared to rate for the first mortgage.
Miller