How to get a mortgage on several properties

How to get a mortgage on several properties

Region Mortgage - When financing a few properties, consolidate your request to a single mortgage loan can reduce the cost and turnaround time. The terms of the mortgage agreement that is always the same. You need enough equity in the property to support demand and enough income to service the debt. When applying for a mortgage on several properties, make sure to have your application prior to shipment. Underwriting process will be more in depth, so the better prepared you are, the smoother the process related :

1. Fill out a loan application to the lender of your choice. Shows that the amount of the loan because of the mortgage loan will cover multiple properties. List each property in the "guarantee" application. Including address and estimated value.
2. Pay the application and the level of lock-in at any cost. Application fee is mandatory and represents the bank compensation for reviewing applications. Level lock-in fee is optional payment that ensure a level not increase between application and closing time. This fee is non-refundable.
3. Provide copies of supporting documents. Requirements vary by bank, but usually consist of two to three years of financial statements, one month, pay stubs and three months of bank statements. Including the rental agreement if one of the properties generating rental income guarantee.
4. In accordance with the bank appraiser. The appraiser will contact you to arrange a time to gain access to the property. Depending on the closeness, it may last for several days.
5. Following up with your lender if you do not receive notification of the decision within 30 days after submitting a complete application. Under the regulations B Federal Reserve, the bank must give notice of the decision within 30 days after receiving the loan application.
6. Reviewing your commitment letter once approved. This document outlines the bank's promise to make the loan, the terms, conditions and fees apply. Sign and return the document if you accept the terms. You have between 14 and 30 days to accept commitments. Closing must occur 60-90 days later.
7. Request a copy of appraisals. Regulatory assessment states that the bank must provide the borrower with a copy of the assessment prepared on its behalf.
8. Review the loan documents prior to closing. Paying particular attention to the mortgage. If the property is located in the same area, each must be listed on one document. If the property is registered in some County, each must be listed on the mortgage for the appropriate county.
9. Contact the bank if there is a mortgage on any property and mortgage request covers all, or some, of the property. Recording the mortgage for any property not your intent and greatly increase the cost of filing in the cap.
10. Attending the closing and sign all loan documents are valid. The number and types of documents vary by lender, but you are always going to execute a promissory note and mortgage.

Hopefully get the property you want .

Source by Kutu Buku Papers
Edited by Regions Mortgage