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Updated over 9 years ago on . Most recent reply
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Residential mortgage question when I have 5 mortgages already
In a few years I would like to sell my current primary residence and upgrade to a larger home as my family grows. The problem I see is that I have 5 mortgages already with my investment properties. The 5th one I had to do commercial because I already had 4 residential. How can I sell my primary residence and buy another house with a residential mortgage. I would like to keep my primary residential for 30 years and fixed rate.
Will I just have to save up enough PITI reserves and keep my credit good? Can I replace one residential mortgage with another eventhough selling my home would still leave me with 4 total mortgages?
My 5th property was bought with a commercial loan with a separate tx ID under my LLC but I am still the guarantor.