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Would there be 2 seperate closing costs if I do get 2 seperate mortgages? What are the disadvantages of getting seperate loans?
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No it is not possible to obtain two seperate mortgages from two seperate mortgage companies on the same property. Why? Because the lender will look at that as a bad risk! In order for you to obtain a mortgage in the first place the lender will require that you give them the first positon on the lean. Lenders dont shair the first position on the lean with anybody. You would also have problems with the appraisal. That being said you can have two loans on the same property. The second loan is called a note,and it is not provided by a mortgage company.It is provided by a private individual.
Yes you can but… your going to end up paying more in closing fee’s. why would you want to?
Yes. One mortgage will have 1st position in the event of foreclosure, and one mortgage will have second position in the event of foreclosure. There will be separate closing costs, and probably different terms, and interest rates for each.
Your 1st mortgage company may qualify you, and agree to make your loan based on knowing all your debts at the time of closing, including the extra liability you will assume taking on the second mortgage. In other words, if they require a 20% downpayment in order to write a certain loan, they may not allow you to borrow all or part of that downpayment, even if your income is able to handle both mortgage payments.
it’s possible if you can find a second company to do it for you. you could have same lawyer and have both closing on same day.