If I just refinanced my home mortgage, can I finance a new investment property soon after?

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I just refinanced my home last month and got a much lower rate and payment. Of course, this means my mortgage was paid off and a new loan was initiated. Does this affect my credit in a way that would hamper me being approved for a mortgage on a new investment property?

2 Comments
  1. Reply
    Joni
    February 9, 2011 at 1:57 pm

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  2. Reply
    mittie
    February 9, 2011 at 2:39 pm

    Yes it could. Basically the bank is going to review your credit with the house that you just bought taken into consideration. The banks may ask you for a bigger % as a down payment because it is considered an investment property. If you have everything lined up and your debt to income ratio is where it needs to be then you should be fine in buying another home. If you dont have the $ for your down payment or if your past your ratio then the bank will see that your too much of a risk to lend for a second home.

    If you are looking for the best home mortgage rates or want to reduce your mortgage loan payments, check out this site

    http://Best-Mortgage-Refinancing.com

    Here you can get free quotes from all available companies in your area. its the best way to find an affordable payment with a reliable company.

    Hope this help,

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