Currently selling home, but want mortgage now to build second home?

I am not a Mortgage expert but i work for a company who advises people, does the mortgage packaging etc etc. From my experience i am sure you are allowed to have more than one mortgage in your name because a number of people get several mortgages on lots of houses and then rent them. We help people in our company do that so i am assuming that you would be able to.

There are many loan programs available specifically for the situation you describe. While construction loans are harder to get right now, the fact that, by your account, you’ll be putting $ 245k of your own funds into the project (assuming you’ve owned the property for at least one year) the lenders should be all over you wanting to lend money.

Look into a construction loan, a construction-to-perm loan, a bridge loan, and a cash-out refinance of your present home if there is significant equity. Do whichever costs the least.

A lot people giving advice are also looking to give you a loan (its not advise, its an add), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL!

Remember Buddha’s advice:
“Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.” You are the only “expert” you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end (its not advise, its an add) is “selling” you something. Don’t buy “it.”