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Anonymous Fri Nov 15 22:37:54 2019 No.16272238 [Reply] [Original]

High net worth guys on biz I need some advice.

I have a mortgage right now for my condo. I want to rent the property out to pay the mortgage, and take out a second mortgage to get a bigger place. Will banks still give me a loan? Can a middle class person handle two mortgages? I don’t want to give up my condo.

Anonymous Fri Nov 15 22:42:53 2019 No.16272273

Depends how much you've paid off on your original condo. If you got a couple hundred thou equity they will do it. If you can service both mortgages without tenants then they will do it. Banks love love it. As long as you aren't 'high risk' they'll lend you all the cash you want.

>>	Anonymous Fri Nov 15 22:56:28 2019 No.16272359 >>16272273 This. Equity in the first place can be used as collateral for a second mortgage as long as you have a good enough debt to income ratio.

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