Stupid question, but I will ask: is it better to contact as many as possible banks to get mortgage?

[Pilar Jin]

Hi Everyone,

I am seeking to buy my an investment property to achieve positive cash flow, targeting $250k - 300k SFH. As a foreign investor, I can only get 50-60% down, 2/1 ARM 4% mortgage from the lender finances my first purchase.

Shall I contact other small banks to see if they will qualify me for a loan? Will they see me as 2nd home buyer or investment buyer? The difference on down payment and interest rate is huge. My first mortgage is 40% down and 5/1 ARM 3.99%. Will they find out through their credit system that I already have one loan before and disqualify me to the loan?

Thank you all for helping out.

Pilar