Some call a line of credit a bridge but its not its a open end mortgage and the lien is in second position.If you have any questions or want more info on the above types of scenarios feel free to reach out or send me an email.What you want in this current market is a cash out refinance unless you are trying to sell a primary or vacation home.

Where these numbers are found, there is a very high rate of rent actually being paid.We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, and mortgage industry National footprints.

Hi real estate friends,My wife and I recently bought our first home in Co springs area close to garden of the gods and other attractions in the area. to no surprise our interest rate is a whooping 7.1%, the main house has 4 - BD 2 B. our mortgage is $4009. the property we bought has an attached dwelling unit on the side of it, completely independent from the main unit we live in, we are currently renting it out for 2 years for a tenant for $1545, It has one bedroom one bath.My question is what are some ways to scale especially since in the current market (is kind of almost impossible)?

-house hack or rent out your vacant units out to lower your monthly mortgage payment.

This may border on mortgage fraud though if she gets a conventional loan knowing she intends to just hand you the title.What about a private lender that won’t make you sign personally?

If we wait and buy in 26 she would move in and let others rent with her and hopefully cover the mortgage. rent is super expensive there!.

@Kevin SobiloEach month the Department is required by State law to compute and announce the ceiling rate on residential mortgages in this Commonwealth.

If you are getting financing, the mortgage company will need to walk the property for an appraisal.

Properties with no mortgage tend to be lawsuit targets. 

This has caused me to have trouble with getting approved for loans/mortgages due to my work gap.