First and foremost, it is important to understand that having multiple mortgages can be a complex process. Lenders will typically look at your debt-to-income ratio (DTI) to determine how much debt you can comfortably handle. If you already have a mortgage, this will be factored into your DTI and can make it more difficult to qualify for additional loans.
In addition, lenders will also look at your credit score to determine your eligibility for a mortgage. If you have a lower credit score, it may be more difficult to qualify for multiple mortgages.
Another factor to consider is the type of property you are looking to finance. For example, if you are looking to purchase an investment property, lenders may have stricter requirements and may require a larger down payment.
Ultimately, the number of mortgages you can have will depend on your individual financial situation. It is important to work with a mortgage advisor who can evaluate your financial situation and provide guidance on how to proceed.
If you are considering taking out multiple mortgages, we encourage you to speak with one of our expert mortgage advisors at CLS Money. Our team can provide you with personalized advice and help you understand your options. Contact us today to learn more.
