Q & A Saturday – How Many Mortgages Can I Get?

Welcome to our Q & A Saturday video.

In these Q & A Videos we will answer your questions about real estate.  Any real estate related topic from questions about selling your house, buying a house, real estate investor questions, land lording questions, local market questions and many others things are all fair game. 

Today’s question is “How Many Mortgages Can I Get?

In this video Shaun how many mortgages an investor is allowed to get from large institutional lenders aka banks.

 

Some of the main points covered in this video are:

1)      What is a Residential Mortgage?

2)      Who are Fannie Mae and Freddie Mac and why we care about how many mortgages they think we should have

3)      The loan limits set for each organization (Mea Culpa on misspeaking to this below)

4)      Alternative loan products if a residential mortgage is no longer an option

5)      The extra costs that can be associated with these products

 

 

This should give you an understanding of how many residential mortgages any individual is allowed to have and some of the alternatives if that number gets maxed out.  A few additional points is that I DID misspeak in the Video and Fannie Mae allows for up to 10 mortgages and Freddie Mac is 4, however after recording this I discovered they will some be changing that to 6 (See links below).  This goes to show that I should continue with my normal practice of getting my links to other recourses before recording the video.  :) 

 

Hope you enjoyed the video and leave any other questions you have about the topic below or any other topics you would like to see covered in future videos.  I encourage anyone that has things they would like to talk about to let me know what they are.  You can always fill out a contact us form here and put Q & A in the subject, just leave a comment with your questions below here, send an email to info@masshomesale.com, or post it on our Facebook page or Twitter account.

 

Resources mentioned in the video and some other useful resources and good articles:

–          Fannie Mae’s Maximum Loan Guidelines

–          Freddie Mac’s Maximum Loan Guidelines

–          Good article explaining how to find a Portfolio Lender (Alternate Loan Option)

–          General definition of a Commercial Real Estate Loan (Alternate Loan Option)

–          Out recent video on “What is a Hard Money Loan” (Alternate Loan Option)

 

 

 

 

(Image Credit: Fannie-Freddie via UrRepublic.com)

 

 

 

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