Can I have two active mortgage debts on my credit report?

Question

IN OTHER WORDS, I'M PURCHASING A HOME IN A COUPLE MONTHS; SINCE HOMES HAVE DROPPED CONSIDERABLY...I'D LIKE TO PURCHASE ANOTHER HOME IN A YEAR FROM NOW. CAN I HAVE TO HOME DEBTS ON MY CREDIT FILE?

Answer 1

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Answer 2

Certainly, you can have 2 or more home loans, if you have good credit and sufficient income that you can verify.  Many people have vacation homes or investment property.

Sometimes if someone has bought a home and has not sold their other home yet, they will have a bridge loan to cover both properties.

I only have 1 home loan (and other land that is paid for), but the total available credit for my credit cards (which I never use more than a fraction of) exceeds the balance on my home loan.

Answer 3

Yes.  I had five mortgages on my credit up until about 5 months ago.  I finally got rid of two of them, but you can have lots and lots of mortgages.  The problem is that, the more you have, the less likely any company will be to grant you another one.   In other words, having an already existing mortgage will make the mortgage companies less and less likely to lend to you on a new mortgage.

The best advice is this: if you already have one mortgage, you should arrange to have it rented out before you apply for the new mortgage, and have a copy of the lease to show, so that the mortgage company will believe that there is some chance of you being able to make the payments.

Of course, with mortgages becoming as tight as they are, I suspect it will be harder and harder to get that additional mortgage.

I'm hoping to do the same thing as you in another year or so, but I'm not sure if anybody is going to be offering mortgages by then.  Good luck!

Answer 4

Wow.

Don't do this.

Answer 5

Yes you can if you qualify.  Hopefully you know what you are doing, and that you are an investor.