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alexb5784 · 02-08-2007, 08:39 PM

This is a question for anyone who invests in property, owns a home or is a mortgage professional.

A friend told me that if you put down 30% of the property cost, you're automatically approved for a mortgage. Is this true? When I buy (in about 16 months), I do plan on giving a bigger down payment than the normal. I want to lower my mortgage payments and rent out my extra bedroom for income. Putting down 30% is ideal for me.

And...can you apply for two mortgages at the same time? Let's say I want to buy a condo for me to live in, and then another as investment property. Or should I get one condo first, and then use then use it as equity to borrow for the second one? There is so much to learn about real estate! But I'm ready

Thanks

02-08-2007, 08:39 PM	#1 (permalink)
alexb5784 Senior Member Join Date: Nov 2006 Location: Boston, MA Posts: 664	Automatic approval of a mortgage? This is a question for anyone who invests in property, owns a home or is a mortgage professional. A friend told me that if you put down 30% of the property cost, you're automatically approved for a mortgage. Is this true? When I buy (in about 16 months), I do plan on giving a bigger down payment than the normal. I want to lower my mortgage payments and rent out my extra bedroom for income. Putting down 30% is ideal for me. And...can you apply for two mortgages at the same time? Let's say I want to buy a condo for me to live in, and then another as investment property. Or should I get one condo first, and then use then use it as equity to borrow for the second one? There is so much to learn about real estate! But I'm ready Thanks