NBR: A mortgage question...

JRS72206

What bank is your home financed through?

 

Bonus if you own multiple properties: Any tips on qualifying for a mortgage on a second house? (Think renting the first and living in the second.) 

 

kthanksbai! 

stacylu

Bank of America

We went thru a mortgage broker who basically finds the best deal/rate. They're not tied to a specific bank so you never know who you'll end up using. I would try seeing what they can do for you. I know she really knows her stuff and we had a construction loan at one point for our addition.

www.sheilabryan.com with Cobalt Mortgage is who we use. Love her, she does great work. Tell her we referred you!

CDMay2006

Just one property.  BECU -- very happy with them

koosh ball

We have two properties. I got the mortgage on my condo directly from wells fargo. For our house, we went to a mortgage broker which was a fantastic experience. We ended up with wells fargo as our originally lender.... then we re-if'ed and we are at bank of america.

We rent our condo and used the lease for part of the approval for the house.

gymdog81

We have multiple properties (including rentals) and I know with the first (the house we live in now) we went through a mortgage advisor at Mortgage Advisory Group (Karen Stubrud- she is awesome).  With the others, they were trustee sale house (bought at auction), so we used other lenders that knew a bit more about buying at trustee sale and re-fi'ing from a hard money loan to a regular mortgage.  We had great luck with a credit union in Bellevue (will have to check with my husband on the name) and we are currently re-fi'ing a house with another company that I can check into the name.  I will say that the banks are getting more and more picky about what they require, etc., but that may be because this is not just our second property.

If you have specific questions about the process, etc. send me an email at wildflower329 at hotmail.

coribecca

Wells Fargo, but we got it through a mortgage broker.  We used Randy Porter at Landover Mortgage.  He is a great guy and I highly recommend him.

AnnetteWalker

We have a rental duplex and we live and own a duplex so 3 rentals and 4 places.

Both of the mortgages are with Bank of America.

 

blueLu25

My mom has tons of good advice/ experience/ resources about this (she owns multiple rentals) if you ever want to chat with her! Just let me know, I can give you her info. 

Mama_v2.0

BECU, we looked into a mortgage broker, but when we ran all the numbers she couldn't beat them. 

Alli923

When we first bought, we worked with Justin Arnold at Sterling Savings Bank.  He is amazing!!  I can't speak highly enough of him.  Shortly after we closed our loan was sold to Bank of America.

IdahoGirl

We went through a mortgage broker as well....it worked out really well for us.  I don't even remember at this point which company we're with at the moment since home loans are often sold repeatedly through the life of a loan.

nykola

Our mortgaged is financed via Chase and we worked through a mortgage broker.  On the whole qualifying for a second house thing, yeah, I have lots of advice about that as we just had an offer accepted on what will be our second property.

A few things to keep in mind:

1) If you don't want to have your mortgage on your first property included in your debt-to-income ratio calculation for your max pre-approved purchase amount, you need to show proof of 12 months of rental income on your current property. This is dang near impossible to do if you're actually living in the property right now.  So keep in mind they may need to qualify you as though you were carrying and covering both mortgage payments without any renter. This is what we had to do.

2) Do everything you can to up your FICO credit score.  DH and I have great credit, but if it's not 850, it can always get better, right? Even going up 5 points can put you into a different bracket for interest, debt-to-income ratio qualifications and mortgage insurance (if you're not putting 20% down). We hired a company and paid them a flat fee for 30 days to pull it up a few points. Also paying down debt PRE-qualification helps your score. For the mortgage pre-approval process they use the lowest middle score (of the three bureaus) between the two of you. So whoever has the lowest credit score is the one you want to work on.

3) Use a broker. They will help truthfully paint the best scenario possible in order to make you attractive to lenders.

Hope this helps! Getting qualified for a second house isn't as hard as you think. It would be MUCH easier if you could show proof of rental income on your current place. We considered renting out our current place and then renting another place for ourselves for a year to satisfy that requirement, but this market is just too good and we wanted to jump on the prices!

heather318

Ours is through Wells Fargo.

LifesPeachy

JRS72206:

What bank is your home financed through?

 

Bonus if you own multiple properties: Any tips on qualifying for a mortgage on a second house? (Think renting the first and living in the second.) 

 

kthanksbai! 

This is us- our home in Delaware is being rented out and when we moved here in the fall, we bought our third house (we also own a home in England that's being rented).  We had to wait until the house in DE had a signed lease in hand before we could get this mortgage through under writing and approved (luckily it worked out in perfect - nail biting - timing). The house in UK has had a tenant for several years so that worked out. With a tenant to pay rent, it balances out the debt of the mortgage (obviously) )

We had an awesome experience with Sterling Savings Bank for our WA mortgage- if you want I can PM you the lady's name who helped us- she was awesome. They promptly sold our loan to Wells Fargo. Our DE mortgage is through Chase.