Updated about 6 years ago on . Most recent reply
How long to wait until next Bank loan
I own a SFH in San Francisco, and just finished refinancing to get a lower rate. I want to purchase another property (SFH w/in-law, or ADU) and would like to find out how much I can get approved for, but wanted to know if there is a wait period before applying for another loan.
I’ve been told by one of the banks I work with that 6 months is a good amount of time to wait before applying for another loan. And that my credit score could be negatively impacted if I apply for another loan right after closing on one. I feel that the market is stabilizing a bit in certain pockets in my area and would like to take advantage of potential properties on/off market selling for reasonable prices.
Looking for any advice, or knowledge on multiple mortgage loans, or if anybody has been through a similar scenario, I would love to hear about your experience and advice!
Thanks BP family!