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Need help with multiple mortgages

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To Concern:

I need some advice. I own 7 rental properties. I have three loans in particular that are split 80/20 and the 2nd portion of the loans have a VERY high interest rate. I want to pay off all three of the 2nd loans and combine them into one loan.

 

I only need to finance about 85k to successfully pay off all three. Can anyone recommend a finance company that will loan me this amount in order to pay off these high interest 2nds. At a reasonable interest rate, of course. Perhaps a very attractive home equity line or blanket mortgage?

 

My credit score is 700+

 

Thanks in advance guys,

Steve

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Steve, with a 700 credit score and a need for only $85K, finding a good deal shouldn't be a problem. Shop around locally. I'm sure you'll be able to find someone who can offer you a solid package. You might also want to consider Quicken Loans. They have a variety of programs that might work for you. They've been doing a lot of marketing down my way this past year. And my one experience with them was favorable.

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Hey Michael,

I haven’t had any luck. Most typical lenders have turned me down because they are only willing to loan 80% LTV. Most of my properties were original setup as 100% investor loans and I have very little equity in the three properties in question; which is another reason why I haven’t been able to make the loan. I'm always hearing about ALL the GREAT things a lender can do for you and then once they run your credit (after the damage has been done) they disappear.

 

I just need someone to step up and take the job, lol B) I have a copy of my credit (about 5 weeks old) if there are any lenders in here that are up for a challenge.

 

Steve,

:rolleyes:

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Maybe I am asking the wrong questions. Is combining three loans out of the question? Perhaps I just need to refinance all three 2nds? But who in their right mind is going to give me three separate loans between 6-8% and not to mention paying closing times 3. Hmmmm.....

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Hi Steve,

 

Here at Sydney Financial Group we have developed a way to mimic the results of the mortgage checking accounts used in other countries. We use a second mortgage or Home Equity Line of Credit and convert it into a mortgage checking account or MCA. You don't have to refinance your first mortgage, or increase your monthly payments to make this system work for you. Using a Mortgage Checking Account and using the interest free features of a credit card, we can help you pay down your consumer debt and your mortgage faster than you ever thought possible.

 

A Mortgage Checking Account (MCA) leverages ALL of the idle money in your checking account every day of the month. Whenever you deposit money into your MCA, the money is automatically applied toward the balance of your home loan saving you money on the daily calculated interest that you are charged.

When you need to pay your necessary expenses, it comes back out at that point. In the meantime, it has helped reduce the interest accumulating on your home loan.

 

You can save hundreds of thousands of dollars in interest payments while shortening the term of your loan by more then half the time. You will never have to refinance or worry about quick cash again as you will have full access to the equity in your homes as long as you own them.

 

Respectfully,

 

Bradley A. Haines

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