Refinancing with a blanket mortgage

[James Bruntfield]

Hi everybody! I've been reading the forums for a while now but this will be my first post. I have 2 properties in Schuylkill county PA which I'm thinking about refinancing so I can pull out the equity in them and purchase another property. Property 1: Single family Worth 20 - 30k No debt Property 2: 3 family Worth roughly 60k 18k left on a 5 year owner financed deal with about 33 months remaining The values are rough estimates. The payment on the 3 family is $609 per month. I've heard of "blanket mortgages" which I thought might be a better option for me so I could use the equity in both properties and only need to get one mortgage. Does this idea make senspIf it does, where would be the best place to look for this kind of mortgage. Thank you in advance for your advice.

[Andrew Postell]

@James Bruntfield the blanket loans that most banks offer normally have a higher loan amount than what these properties would qualify for.  I have seen some blanket loans start at $250,000 but many start at $500,000.  The houses themselves might be too small of a loan for most banks.  I would suggest in speaking with banks about the option of refinancing either of these homes separately or together. Good luck!