John B asked:


I heard that once you go over 4 units, the loan is considered a commercial loan and banks require adjustable rate mortgages and possibly more money down. Any input appreciated.

RICKEY

ppnj4 asked:


I have a small home at the shore with 29 yrs left on a $207,000 mortgage (est worth $280,000). My Aunt In-Law has a large home (est worth $300-500,000). She wants a small home at the shore – I want a large home. Seems like a match made in heaven but we are unsure of how to go about switching. Due to a recently failed business I have no saving, very bad credit, just enough income to pay my current mortgage, and have already been turned down for refinancing or the possibility of a new mortgage. I would guess since she has lived there all her life she owes little to nothing on her mortgage, and I know her income is basic. Her nest egg is the equity in her home. We thought about having her hold the note on her house with a “rent to own” deal but that still leaves our mortgage. A realtor said to sell out right to each other but without the ability for us to get a new mortgage we wouldn’t be able to afford her home. She doesn’t want to lose her equity either. Any advise?

JOAQUIN

What’s your cause? asked:


Does anyone know a specific difference, or a ball park figure for the difference in a loan once it goes to a commercial investment. I’m looking at a 3 unit building and a 2 unit building right next door to each other. If i both both I’ll I think I might need a commercial loan? Is that correct…..any help would be great!

DARREL

sweetgurllexi asked:


I am looking to refinance a gravel pit, but am having a hard time finding a lender. Do you know of any lenders that specialize in this area?

SHERMAN

Kandai M asked:


Do you have to pay for those mortgages too even though they’re not yours..?..

ELVIN