How long to wait until next Bank loan

[Jay Maranan]

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!

[Todd Rasmussen]

@Jay Maranan

I would apply immediately. If you can get two mortgages out of one credit hit it will minimize the impact. Most lenders we've worked with will use an existing credit inquiry up to 90 days.