Blanket Mortgage
I was wondering if and exactly how this would work. I currently own a double but used heloc for down payment, which wasn't the best thing to do but was a learning experience. Owe approx. $55,000 I believe current value is approx. $75,000.
Another double has come up for sale ($76,000) and have no money for dp because it is tied up in other investment. Can I get a blanket mortgage to cover the currently owned noo and use the equity for the down payment and include the new purchase of a noo double without any cash out of my pocket?
If this is possible, how do I find a lender to do this? Any and all help is greatly appreciated!!!
Thanks,
TSA
I am by no means an expert, nor do I have a blanket mtg, but as it turns out I just got off the phone w/2 lenders because I want to buy (4) attached townhomes. The developer is practically giving them away. The lender did advise that it may be best to do each separately because re-fi's can get sticky and there is limited flexibility. w/blankets. If you find a lender out there with a good product, please post.