Investment properties effecting personal loan?

[Michael Y.]

Does have mortgages on your investment properties effect your ability to get a mortgage for your personal home?

Currently renting and concerned that if I have a few mortgages on my rentals that I won’t be approved for a mortgage for my own house, or be approved for much less.

Is this a concern? How do banks look at that debt on investment properties?

[Shaun Weekes]

Originally posted by @Michael Y.:

Does have mortgages on your investment properties effect your ability to get a mortgage for your personal home?

Currently renting and concerned that if I have a few mortgages on my rentals that I won’t be approved for a mortgage for my own house, or be approved for much less.

Is this a concern? How do banks look at that debt on investment properties?

The best thing for you to do is work with a Loan Officer or Broker that has experience with calculating all income and evaluating your credit and assets. This way you can get pre-approved and you'll know how much you qualify for. It's also a great idea to start using a CPA that is also familiar with RE and Sch E since you'll need to report these properties moving forward.

I hope this helps and have a good one.