Posted on: 19th Nov, 2010 09:20 am
i want to know if it is possible to refinance when you have two homes.my mother owns has two homes and would like to refinance one to get a lowere rate.she tried through a bank,but they said no because she has two mortgages.she pays i think $1300 a month,she would like to bring it down a bit.is there anywhere she can go to get a good rate that could bring it down a bit.our interest rate now is 7%,she would like to get it lower.is there anything you can tell me to help.thank you.
Can you help?
Hi asanders,
Lenders will not be ready to give mortgage refinance to your mother as she has 2 mortgage on 2 different properties. Nevertheless, this community has a large number of lenders. Your mother can seek a no obligation free mortgage quote from the lenders of this community and check out if they can help her in getting a mortgage.
Thanks
Lenders will not be ready to give mortgage refinance to your mother as she has 2 mortgage on 2 different properties. Nevertheless, this community has a large number of lenders. Your mother can seek a no obligation free mortgage quote from the lenders of this community and check out if they can help her in getting a mortgage.
Thanks
Is the home that she wants to refinance the home she lives in or a second/vacation home or an investment property that she rents to someone?
There is no problem having two homes and two mortgages as long as Mom qualifies for the carrying of all the debt. She must have enough income to qualify for the mortgage(s)
If the current mortgage is owned by Fannie Mae or Freddie Mac, she may not even need the income to qualify
There is no problem having two homes and two mortgages as long as Mom qualifies for the carrying of all the debt. She must have enough income to qualify for the mortgage(s)
If the current mortgage is owned by Fannie Mae or Freddie Mac, she may not even need the income to qualify
