Posted on: 04th Jun, 2012 02:22 pm
I have a medical judgement which put a lean on my current home. I am trying to get a mortgage for rental property and I am being told that it can not be done because of the lean on my primary home. I this true or is there a way around this?
Hi Guest!
Welcome to forums!
When you apply for a mortgage, the lender will want to have no negative items or judgment and liens on any of your properties. So, the lender will want you to pay off the judgment and then apply for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
When you apply for a mortgage, the lender will want to have no negative items or judgment and liens on any of your properties. So, the lender will want you to pay off the judgment and then apply for a loan.
Feel free to ask if you've further queries.
Sussane
Hello rental property,
My advice is be aware of Adjustable Rate Mortgages (ARM's). Generally, you would not want an ARM because your payments will adjust over time. This type of loan is not typical for a long term hold. You may even consider an interest only loan if the property you're buying has a substantial amount of equity left in it. Do your research on the different types of loans and decide which fit you best.
:idea:
My advice is be aware of Adjustable Rate Mortgages (ARM's). Generally, you would not want an ARM because your payments will adjust over time. This type of loan is not typical for a long term hold. You may even consider an interest only loan if the property you're buying has a substantial amount of equity left in it. Do your research on the different types of loans and decide which fit you best.
:idea:
