Looking for Blanket Mortgage

writeme · Joined: 11 Jul 2008 Posts: 2 1.66 Dollars($)

I am looking for a blanket mortgage to cover refinancing for 2 rental properties in the same building. Can you help me locate a lender?

Niicss · Posted: Sat Jul 12, 2008 1:38 am Post subject:

Welcome writeme.
.
Blanket mortgage is a good option if you have more than one property. This is the right place to go about this. Have you seen the lender section? You can talk to them directly. Find the lender that suits you the most at http://www.mortgagefit.com/unitedstates/

Hope this helps.

evolovik26 · Posted: Sun Jul 13, 2008 8:31 pm Post subject:

I would say if you have only 2 properties a blanket mortgage would be a bad idea. First they are tough to find nowadays and then you would be tying up these two properties up for the life of the loan. Second its hard to find any lender who is willing to lend above 80% on a non owner occupied properties period. You would be better off refinancing each property separately.

brian1 · Posted: Sun Jul 13, 2008 11:14 pm Post subject:

Why a blanket? They are very hard to find and do not typically have the same residential rates if you were to finance indivisdually.

Is this a purchase? Or are you trying to refinance them?
Brian

writeme · Joined: 11 Jul 2008 Posts: 2 1.66 Dollars($)

I am looking to refinance the two properties; and thought perhaps that would be a solution

Niicss · Posted: Wed Jul 16, 2008 12:39 am Post subject:

Hey pygmalyn.

You can refinance the two properties with the Blanket Mortgage but the problem is it is heard to find a lender who approves for Blanket Mortgage. Have shop for lenders? You need to shop for lenders and check it out if anyone can help you out.

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