Blanket Mortgage

57 · Joined: 30 Apr 2008 Posts: 3 1.97 Dollars($)

Are there any lenders that do blanket mortgages. Currently I have 3 residential houses I would like to combine on one loan if possible.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi,

You have three residential houses. So I think blanket mortgage is a good option for you. You should sop a bit for lenders or even you can no-obligation free mortgage quote with minimum details and this will be forwarded to the rated lenders of the community.

Best of luck,
Larry

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.17 Dollars($)

Hi,

Do you have any late payments in the last 12 months? You need to inform us more about your employment history and credit history.

57 · Joined: 30 Apr 2008 Posts: 3 1.97 Dollars($)

I do not have any lates. Employment is strong & verifiable. Credit is in the low 600's due to high utilization of credit..However no lates. I just revolve a ton of things due to business.

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

Having an umbrella mortgage is an awecome idea, instead of paying the full price on the intrest, you can start wiing more and you willl lean more as times go on.

gmakerley · Posted: Fri May 02, 2008 3:02 pm Post subject:

lenders are reluctant to issue blanket mortgages - if you sell one, then there has to be a calculation as to how much is owed on that one, compared to what is remaining on the other two. that's just one part of the problem.

if you have scores in the low 600s you'll likely find availability only with lenders who are willing to take a risk, i.e. those who will charge you a higher rate to begin with. you are far better off treating each property separately - if you have to sell one, or if there were an insurance claim for anything, figuring out the percentages would be much easier with one loan/one property.

AlaskaDES · Joined: 04 May 2008 Posts: 27 12.39 Dollars($)

It would be nice to have one blanket mortgage, but things can become complicated it anything was to happen such as a sale, loss of a property, etc.

My suggestion would be to find the quickest way to pay each one off, something I may be able to help you with. I have shown my past clients the quickest way to zero with all debts they own. I have helped real estate investors, commercial property owners, and home owners.

gmakerley · Posted: Mon May 05, 2008 7:37 am Post subject:

DJ, this is not an advertising forum. please do not make an effort to solicit business. if you wish to register as a lender (though it appears you are not), that might generate some activity for you.

this is a forum for the exchange of ideas, suggestions, opinions, questions, etc. please do not violate these ideals.

thank you.

AlaskaDES · Joined: 04 May 2008 Posts: 27 12.39 Dollars($)

My apologies to all that I have disturbed.

I have changed my signature so its more appropriate to the forums. I will refrain from soliciting and only offer an alternative solution when there may me no other .

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