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Creative financing of a second home or investment property

 

The number of financing options may have diminished, but creative mortgage loans still exist for qualified borrowers.

The mortgage industry is very similar to the insurance industry or banking industry. The objective of every lender is to have a profitable relationship with their clients. Creative loan options can help both borrowers and lenders, especially in down real estate markets. The term blanket mortgage loan, refers to a borrower having one mortgage that covers multiple properties. Insurance policies have often had similar options, such as an umbrella policy that covers multiple lines. Typically these products are not available to the average consumer and are only available to consumers who are spending tens of thousands of dollars on insurance premiums annually. The mortgage market is very similar. For clients who have ample credit and reserves their will be mortgage lenders who will create specific niche products to help these borrowers purchase or retain their properties. A lender believes that a mortgage that covers multiple properties provides am additional layer of protection on their investment as the likelihood of a client walking away from both a primary residence and second home is much smaller. In the present credit market, finding a lender who offers a blanket mortgage loan may be a bit more challenging. If you are comparing mortgage quotes to purchase a second home or investment home and your lender does not have this option, you may want to try a bank that portfolios their own loans (holds them for investment, versus selling them) or an investment bank that offers mortgage loans for their clients. A blanket mortgage loan may allow you to purchase or refinance a second home where you lack a sufficient down payment or equity by also securing the equity you have in your primary residence. If you are serious about investigating this option, you should also check with your CPA to make sure their are no tax draw backs for this type of arrangement.

 

4-21-2008 ? LoanNetwork.com

 

 

 

 

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