Generally 2 is the max. You can get thirds with some lenders but they really don't make much sense as the rate is very high and it is more cost effective to simply refinance one or both of your other mortgages.How many mortgages can one take out on a house/building?
Infinity... There is no limit.. You could take out 100,000 trillion. Its a simple question if somebody is going to finance it for you.
The first has first option to the property. You take out a second loan and the first mortgage forecloses, the second has to pay off the first to save their equity. Same with the third the third would just have to eat what they gave you or pay off the first and the second if somebody forecloses.
Many lenders after 2 get scared about giving you money, because they have to pay off the first 2 to keep their equity. Ive had loans done up to 4 before.... but the lender was comfortable with the equity position.
I agree with the other look at 2.... 3 is possible.. Ive only have 4 once in 15 years. But technically there is no limit.How many mortgages can one take out on a house/building?
now, upto 100% combined loan to value so, if you house cost 250000, you can get max 25000 total in loans.
thanks
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment